If a price-taking firm selling in a competitive market raises the price of its product above the market-clearing price, it will:
a. increase its profits
b. maintain its profit base since the demand for the product is inelastic.
c. be able to increase its sales.
d. not be able to sell any output.
d
Economics
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Social Security payments automatically increase when the CPI goes up because of the
A) years receiving social security. B) cost-of-living adjustments. C) individual being married or unmarried. D) age of the recipient.
Economics
Which of the following is not a characteristic of a monopolistically competitive market structure?
A) All sellers sell products that are differentiated. B) There is a large number of independently acting small sellers. C) Each firm must react to actions of other firms. D) There are low barriers to entry of new firms.
Economics