Refer to the table above. Assuming that the market consists of only these three sellers, what is the market supply when the price is $1?
A) 2 units
B) 6 units
C) 11 units
D) 19 units
D
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Demand is perfectly inelastic when
A) shifts in the supply curve results in no change in price. B) the good in question has perfect substitutes. C) shifts of the supply curve result in no change in quantity demanded. D) shifts of the supply curve result in no change in the total revenue from the quantity sold.
Under monopoly, a firm:
a. is a price taker. b. maximizes profit by setting marginal cost equal to marginal revenue. c. will shut down in the short-run if price falls short of average total cost. d. always earns a pure economic profit.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product
a. True b. False Indicate whether the statement is true or false
The actual burden of a tax
a. falls most heavily on the side of the market that is more elastic. b. falls most heavily on the side of the market that is more inelastic. c. falls most heavily on the side of the market that is closest to unitary elasticity. d. is distributed independently of relative elasticities of supply and demand.