A decrease in the number of firms in a market will cause supply to increase
Indicate whether the statement is true or false
FALSE
You might also like to view...
Game theory applies to problems that arise in
A. perfect competition. B. monopolies. C. oligopolies. D. pure competition.
When the quantity demanded and quantity supplied in a market are equal, the market is said to be in
a. fixation. b. excess supply. c. equilibrium. d. excess demand.
Perfect competition is characterized by all of the following EXCEPT
a. a large number of buyers and sellers. b. identical products. c. sellers acting together to set prices. d. well-informed buyers and sellers.
A purely competitive firm is precluded from making economic profits in the long run because:
A. it is a "price taker." B. its demand curve is perfectly elastic. C. of unimpeded entry to the industry. D. it produces a differentiated product.