The demand curve for the output of a perfectly competitive firm is
a. perfectly inelastic
b. perfectly elastic
c. unit elastic
d. downward sloping
e. nonlinear
B
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Referring to the table above, if consumption in period one is zero, then consumption in period two cannot be greater than ________
A) $72,800 B) $70,400 C) $71,200 D) $70,800
The federal government is most likely to oppose
a. the purchase of a firm in danger of bankruptcy by a successful firm. b. a merger between two firms in a perfectly competitive industry. c. the purchase of one oligopolist by another in an industry with contestable markets. d. a merger between two firms in a three-firm industry.
Rocket Energy Drink Company buys sugar to produce energy drinks. At the end of a quarter both its inventory of sugar and its inventory of energy drinks has increased. Investment for the quarter will include
a. both the increased inventory of sugar and the increased inventory of energy drinks. b. the increased inventory of sugar, but not the increased inventory of energy drinks. c. the increased inventory of energy drinks, but not the increased inventory of sugar. d. neither the increased inventory of sugar nor the increased inventory of energy drinks.
What will make a change in supply cause a small change in price?
What will be an ideal response?