A market demand curve shows
a. the relationship between price and the number of buyers in a market.
b. how quantity demanded changes when the number of sellers changes.
c. the sum of all prices that individual buyers are willing and able to pay for each possible quantity of the good.
d. how much of a good all buyers are willing and able to buy at each possible price.
d
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Market equilibrium occurs where the quantity supplied is equal to the quantity demanded
Indicate whether the statement is true or false
By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was
a. agriculture. b. manufacturing. c. mining. d. construction.
Which of the following is a characteristic of perfect competition?
a. Individual firms have the power to set prices. b. Firms produce differentiated products. c. New firms can easily enter the market. d. There are only a few very large firms producing all output in the market.
The Justice Department and the Federal Trade Commission are likely to oppose mergers
a. that seem likely to increase efficiency. b. that create a larger firm with economies of scale in a contestable market. c. which will help one of the merging firms out of financial difficulties. d. which threaten to reduce competition.