The ________ the proportion of one's budget spent on a good, the ________ the elasticity of demand

Sammy's Inc competes with a few other firms because there are natural barriers to entry. Sammy's operates in

A) a perfectly competitive market. B) an oligopoly. C) a monopolistically competitive market. D) a monopoly. E) a natural monopolistically competitive market.

There is a technological advance in the production of ice cream. As a result, the supply curve of ice cream shifts ________ and ________

A) leftward; both the equilibrium price and equilibrium quantity fall B) rightward; both the equilibrium price and equilibrium quantity fall C) rightward; the equilibrium price falls while the equilibrium quantity increases D) rightward; both the equilibrium price and equilibrium quantity rise