As price rises, quantity demanded _____.
Fill in the blank(s) with the appropriate word(s).
falls
You might also like to view...
For which of the following would the supply likely be most inelastic?
A) aircraft carrier B) canned soup C) toy airplane D) t-shirt E) bottled water
Suppose a perfectly competitive market results in a long-run equilibrium price of $8 and quantity of 500. If this same market were a monopoly, which of the following price and quantity combinations would be the most likely?
A. Price: $10, Quantity: 350 B. Price: $8, Quantity: 500 C. Price: $6, Quantity: 650 D. Price will equal marginal revenue and quantity will be found where marginal revenue equals marginal cost.
Refer to Table 21.5:Table 21.5QTFCTVCTCAVCMC0 15--1 23 2 43 15 The marginal cost of the third unit of output in Table 21.5 is
A. $15. B. $4. C. $30. D. $3.
Entry into a market characterized by monopolistic competition
A. Is frequent because barriers to entry are low. B. Occurs when a firm's demand is everywhere below its long-run average cost curve. C. Is rare because firms have market power. D. Results from economies of scale.