If consumers within an industry cannot be represented by as single representative consumer, then the industry equilibrium does not occur where market demand intersects market supply.
Answer the following statement true (T) or false (F)
False
Rationale: The industry equilibrium always lies were market demand intersects supply.
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Ad valorem tariffs are collected as
A) fixed amounts of money per unit traded. B) a percentage of the price of the product. C) a percentage of the quantity of imports. D) All of the above.
The law of demand says that
a. the customer is always right b. quantity supplied equals quantity demanded c. price and quantity supplied are inversely related d. price and quantity demanded are inversely related e. income and quantity demanded are directly related
In highly contestable markets, increases in concentration will enhance market power
a. True b. False Indicate whether the statement is true or false
What is the definition of the natural rate of unemployment?
What will be an ideal response?