The demand curve for the product of a perfectly competitive firm's demand curve indicates that if the firm
A. changes its price, the quantity demanded will change in the opposite direction.
B. accepts the market-set price, the number of units the firm can sell is limited.
C. lowers its price, it can sell more.
D. raises its price, sales will fall to zero.
Answer: D
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A baker can produce two products: cupcakes and pies. The table below is the baker's production possibilities schedule:Production Possibilities ScheduleProductABCDEFCupcakes01220365681Pies1086420A change from combination C to B means that
A. 8 cupcakes were given up to make 2 pies. B. 2 pies were given up to make 20 cupcakes. C. 8 cupcakes were given up to make 1 pie. D. 6 pies were given up to make 20 cupcakes.
Derivatives can be used to reduce risk but they also can be a source of risk in themselves
a. True b. False Indicate whether the statement is true or false
If new legislation allowed patients to sue their health-maintenance organization (HMO), we would expect the supply curve for HMO-provided health care to shift to the right and the price of such coverage to fall
Indicate whether the statement is true or false
Which one of these firms would be an oligopolist?
A. The only medical doctor in Farmer City, Illinois B. A wheat farmer near Ogallala, Nebraska C. Hewlett-Packard (computers) D. The Billy Goat Tavern in Chicago