The practice of firms temporarily reducing prices in order to eliminate competition is called:

Compared to the long run, consumers typically ____ to price changes in the short run

a. are very responsive b. are more demand sensitive c. are less demand sensitive d. do not respond at all e. overreact

Suppose that the price of a hamburger is $3. Victoria is willing to pay $5 for the first hamburger, David is willing to pay $4 for the second hamburger, Kelly is willing to pay $3 for the third hamburger, and Antony is willing to pay $2 for the fourth hamburger. In equilibrium, what is the number of hamburgers purchased?

A. 3 B. 1 C. 2 D. 4