Excess supply of a product exerts ___________pressure on prices
a. Zero
b. No
c. Upward
d. Downward
d
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Regulatory commissions may focus on establishing a "fair-return" price to be charged by a monopolist. Under this policy, the monopolist would earn:
a. positive economic profits. b. zero economic profits. c. negative economic profits. d. monopoly profits.
The demand curve faced by a perfectly competitive firm is:
a. perfectly inelastic. b. relatively elastic. c. unit elastic. d. perfectly elastic. e. relatively inelastic.
A commodity is ____ if it is used up when someone consumes it
a. marginal b. scalable c. depletable d. replaceable
Assume that coal is a normal good. If the price of coal increases and the quantity sold increases, which of the following is consistent with these observations?
What will be an ideal response?