If the demand for coffee makers increases,
a. the quantity demanded will decrease.
b. equilibrium price will increase and equilibrium quantity will decrease.
c. equilibrium price will decrease and equilibrium quantity will increase.
d. quantity supplied will increase.
e. quantity supplied will decrease.
D
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Social regulations can create
A) a more competitive market place. B) network externalities. C) a lower HHI. D) barriers to entry.
Under perfect competition
a. the only major difference between firms is the mark-up they use to determine prices b. a single seller sets the price c. a small number of sellers offer a differentiated product d. sellers offer a standardized product e. a small number of buyers and sellers negotiate the market price
The task of economic regulation is to
a. protect monopoly profits. b. approximate the results of the competitive market. c. replace competition with government ownership. d. increase competition within the market.
An "aggregate":
A. is too large to analyze using standard macroeconomic theories. B. is the primary unit of analysis in microeconomics. C. treats a single unit as if it were a collection of specific units D. treats a collection of specific units as one unit.