If the number of buyers in a market decreases, then
a. demand will increase.
b. demand will decrease.
c. supply will increase.
d. supply will decrease.
b
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Suppose that all pizza companies have the same costs and the minimum average total cost is $12 per pizza. The pizza companies have an efficient scale of 100 pies per night
In the small town of Coatsville, at the price of $12 per pizza the quantity demanded is approximately 300 pizzas per night. This market, therefore, can best be characterized as A) perfectly competitive. B) a natural monopoly. C) a natural duopoly. D) a natural oligopoly.
Does it ever make sense to purchase a stock that has never paid a dividend? Explain
What are the sources of increasing returns and economies of scale of the recent increase in trend rate productivity experienced in the U.S.?
What will be an ideal response?
The law of demand
A) was passed by the 102nd U.S. Congress. B) is a natural law, much like the law of gravity. C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic. D) is considered a "law" in economics in order to force economic models to operate fully.