According to the Five Forces Model, there are five competitive forces that determine the level of ________ in an industry.

Holding your income and the price of lobster constant, you can derive your demand curve for steak from an indifference curve/budget line diagram by determining how your consumption of steak changes when the price of a steak changes

Indicate whether the statement is true or false

If, in a competitive market, marginal benefit is greater than marginal cost

A) the quantity sold is less than the equilibrium quantity. B) the net benefit to consumers from participating in the market is greater than the net benefit to producers. C) the government must force producers to lower price in order to achieve economic efficiency. D) the quantity sold is greater than the equilibrium quantity.