Matt Taylor is one of the fishermen who comes back to the dock at the end of a fishing day with 720 fish in his boat. He and 40 other fishermen crowd the dock with their fish supplies while hundreds of people, eager to buy fish, make their demands felt on the market. Matt knows that for that fishing day
a. price cannot change
b. the market-day supply curve is vertical
c. the market-day demand curve is vertical
d. quantity demanded is fixed
e. his short-run supply curve is upward sloping
B
Economics
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In comparison to the case of a perfectly competitive home market, the welfare effects of a tariff under a home monopoly are _______, and the deadweight loss for the home monopoly is ________.
a. the same; the same b. higher; lower c. lower; higher d. lower; lower
Economics
__________is the amount of a product that is offered for sale at all possible prices that could prevail in a market.
Fill in the blank(s) with the appropriate word(s).
Economics