Monopolistic competition and monopoly are examples of a market structure called imperfect competition
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has increased?
A) A B) B C) neither graph D) both graphs
Assume that supply increases slightly and demand increases greatly. Which of the following will happen?
a. Equilibrium price will fall and equilibrium quantity will rise. b. Equilibrium price will rise and equilibrium quantity will fall. c. Equilibrium price will rise and equilibrium quantity will rise. d. Equilibrium price will fall and equilibrium quantity will fall. e. Neither equilibrium price nor equilibrium quantity will change.
How does consumer choice differ from consumer sovereignty in a market system?
Please provide the best answer for the statement.
If the demand for cell phone service is inelastic, then
A) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value). B) the percentage change in quantity demanded is equal to the percentage change in price. C) the quantity demanded does not change in response to changes in price. D) the percentage change in quantity demanded is less than the percentage change in price (in absolute value).