Which of the following is most likely to be found in a perfectly competitive market?
a. 10 buyers and sellers
b. 50 buyers and sellers
c. 100 buyers and sellers
d. 5,000 buyers and sellers
d. 5,000 buyers and sellers
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According to the law of supply, other things equal, when the price of a good or service rises, the quantity supplied increases, but supply does not
a. True b. False Indicate whether the statement is true or false
Assume a given amount of output can be produced by several small plants or one large plant with identical minimum per-unit costs. This long-run situation reflects the existence of
A. Diminishing returns. B. Constant returns to scale. C. Economies of scale. D. Diseconomies of scale.
By 2017, Pepsi and Coke were attempting to increase their profits in the bottled water market by introducing premium water brands. Pepsi and Coke introduced LIFEWTR and Smartwater, respectively, while competitors like Nestle and Danone produced their own
versions of premium water. The premium water brands marketed to compete with LIFEWTR and Smartwater would be considered A) complements to LIFEWTR and Smartwater. B) substitutes for LIFEWTR and Smartwater. C) inferior goods compared to LIFEWTR and Smartwater. D) normal goods compared to LIFEWTR and Smartwater.
An increase in the price level will cause a decrease in the aggregate amount of output supplied.
Answer the following statement true (T) or false (F)