In a perfectly competitive market, if one seller chooses to charge a price for its good that is slightly higher than the market price, then it will _________.
A. lose all or almost all of its customers.
B. see no change in its number of customers.
C. see a small decrease in its numbers of customers.
D. All of the above are equally likely.
B. see no change in its number of customers.
You might also like to view...
For a resource to be able to generate temporary competitive advantage over rivals, it must be
a. Valuable b. Rare c. Valuable and rare d. Not valuable but rare
A currency appreciation will be most likely to
a. reduce net exports and therefore increase aggregate demand. b. raise net exports and therefore decrease aggregate demand. c. reduce net exports and therefore decrease aggregate demand. d. raise net exports and therefore increase aggregate demand.
The peak in U.S. government spending as a percent of GDP occurred during
A) World War II. B) the 1960s war on poverty. C) the Great Depression. D) the war against Iraq in the 2000s.
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $70 from the auction, she can infer that
a. Both the bidders were high value bidders b. Both the bidders were low value bidders c. One of the bidders was high value, while the other was low value d. All of the above