Entry causes ____ to increase and a firm's demand curve to ____
A) quantity supplied, fall.
B) supply, rise
C) supply, fall.
D) demand, rise.
C
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Assume a national brewing company loses market share to a lower-priced competitor. Assume also that the company's workers go on strike and are able to negotiate a hefty wage increase
As such, we can conclude, with certainty, that the combination of these two changes would cause the equilibrium price and quantity of the company's product to decrease. Indicate whether the statement is true or false
If the absolute price elasticity of demand for a product is less than 1, then
A) the absolute price elasticity of demand is inelastic and consumers are relatively insensitive to price changes. B) the absolute price elasticity of demand is inelastic and consumers are relatively sensitive to price changes. C) the absolute price elasticity of demand is elastic and consumers are relatively insensitive to price changes. D) the absolute price elasticity of demand is elastic and consumers are relatively sensitive to price changes.
Only government restrictions serve as entry barriers.
Answer the following statement true (T) or false (F)
In order to calculate consumer surplus in a market, we need to know willingness to pay and price
a. True b. False Indicate whether the statement is true or false