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

Economics

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What is the approximate per capita income of the US if the population is 3,405,813 and its GDP is $24 million?

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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.

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Economics