If a market is narrowly defined, the market share of each firm declines than if it is broadly defined
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Among a set of alternatives with the same benefits, an individual is said to optimize if she chooses an alternative that:
A) has the lowest total cost. B) has the highest total cost. C) has the highest indirect cost. D) has the lowest opportunity cost.
Refer to the figure above. Which of the following is likely to happen if a price control below the equilibrium price is imposed?
A) Quantity supplied will exceed quantity demanded. B) Quantity demanded will exceed quantity supplied. C) Consumer surplus will decrease. D) Producer surplus will increase.
Tommy buys only soda and pizza and is buying the amounts that maximize his utility. The marginal utility from a soda is 5 and the price of a soda is $1. The marginal utility from a slice of pizza is 10. The price of a slice of pizza must be
A) $10. B) $2. C) $1. D) some amount that cannot be calculated without more information.
The quantity theory assumes that
a. velocity is constant. b. income is constant. c. prices are constant. d. transactions are constant.