Equilibrium price and quantity are determined by the intersection of the demand and supply curves.
Answer the following statement true (T) or false (F)
True
You might also like to view...
In modern economies
A) some prices are very flexible while others are not. B) no prices are very flexible. C) all prices are very flexible. D) prices become less flexible as they increase.
Fairy Cakes sells birthday cakes in a perfectly competitive market where the market price is $25 per cake. If it decides to increase its production from 10 cakes a week to 12 cakes a week, its weekly revenue will _____
a. decrease by $50 a week b. increase by $25 a week c. increase by $50 a week d. decrease by $20 a week
Sheila sells corn in a perfectly competitive market. This month Sheila receives a higher price for a bushel of corn than she did last month. Which of the following might explain this?
A. The market demand increased for corn. B. The market demand decreased for corn. C. Firms entered the market. D. Sheila's costs have decreased.
Selling a product at different prices when the price difference is unrelated to costs is a practice known as
A. price gauging. B. price monopolization. C. price discrimination. D. price fixing.