If the price of oil increases then:
A) the equilibrium price and quantity of food will increase
B) The equilibrium price of food will decrease, and the equilibrium quantity of food will increase
C) the equilibrium price and quantity of food will decrease
D) the equilibbiurm price of food will increase, and the equilibrium quantity of food will decrease
Correct Answer:
Verified
Q1: In a competitive industry, the demand facing
Q2: A homogeneous product is:
A) milk
B) one in
Q3: A competitive industry has the following characteristics
Q4: Market power is a characteristic of:
A) competitive
Q6: Biotechnology will result in:
A) higher prices for
Q7: Competitive markets are:
A) cut-throat
B) illegal in some
Q8: Perfect competition has:
A) few sellers
B) many sellers
C)
Q9: Monopolistic competition is a market structure of:
A)
Q10: Numerous sellers means that:
A) the price is
Q11: Market power allows a firm to:
A) increase
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