Solved

When the Market for a Good,such as Gasoline,is Competitive and Its

Question 37

Multiple Choice

When the market for a good,such as gasoline,is competitive and its price suddenly increases substantially,we can infer:


A) that the higher price was most likely arbitrarily set by greedy gas companies seeking increased profits.
B) that the higher price was most likely a response to a change in market forces beyond any individual firm's control.
C) nefarious intent on the part of gasoline companies and that a government mandated price ceiling would serve consumers' interests.
D) that prices are not good indicators of relative scarcity.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents