If a firm operates in a perfectly competitive market, then it will most likely
A) advertise its product on television.
B) settle for whatever price is offered.
C) have a difficult time obtaining information about the market price.
D) have an easy time keeping other firms out of the market.
B
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Both the demand for and supply of cars changes in France. You observe that the quantity of cars does not change but the price rises. Thus, which of the following occurred?
A) Demand increased and supply decreased by an equal amount. B) Demand and supply increased by an equal amount. C) Demand and supply decreased by an equal amount. D) Demand increased by a larger magnitude than supply decreased. E) Demand decreased and supply increased by an equal amount.
If the cross-price elasticity of demand between two products is positive, we can conclude that the two products are substitutes
Indicate whether the statement is true or false
Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi’s demand curve?
a. 0.1 b. 0.8 c. 1.0 d. 10.0
From the late 1960s to the late 1980s, in the United States SAT scores
a. and graduation rates increased. b. and graduation rates decreased. c. and school attendance rates decreased. d. decreased and school attendance rates increased.