Assume that a seller in a perfectly competitive market charges more than competitors are charging. It is likely that this seller will:
A) increase his profit.
B) increase his sales.
C) lose only a few buyers.
D) lose almost all of his buyers.
D
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What factors increase potential GDP? Include a definition of potential GDP in your answer
What will be an ideal response?
What is the approximate per capita income of the US if the population is 3,405,813 and its GDP is $24 million?
a. $8.17 b. $1.41 c. $7.05 d. $0.08 e. $6.18
In a free market, if the price of a good is above the equilibrium price, then;
A. buyers, hoping to ensure they acquire the good, will bid the price lower. B. sellers, dissatisfied with growing inventories, will lower their prices. C. the government will set a lower price to reestablish the market equilibrium. D. sellers, dissatisfied with growing inventories, will raise their prices.
The study of economics is basically about what two things?