If Mark tries to purchase a new refrigerator in a perfectly competitive market, then
A) he will have a very limited ability to negotiate over the price.
B) he will have only a few sellers available to him.
C) he will see large differences in the types of refrigerators sold across sellers.
D) he will find himself constantly haggling with sellers over the price.
E) None of the above is correct.
A
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If the quantity demanded changes by a relatively small amount for a given change in price, then demand is
A) perfectly inelastic. B) perfectly elastic. C) elastic. D) inelastic.
When your budget line is just tangent to your indifference curve, you are at your best affordable point
Indicate whether the statement is true or false
Less money supply
What will be an ideal response?
Consider a game of the "Jack and Jill" type in which a market is a duopoly and each firm decides to produce either a "high" quantity of output or a "low" quantity of output. If the two firms successfully reach and maintain the cooperative outcome of the game, then
a. both the combined profit of the firms and total surplus are maximized. b. the combined profit of the firms is maximized but total surplus is not maximized. c. the combined profit of the firms is not maximized but total surplus is maximized. d. neither the combined profit of the firms nor total surplus is maximized.