The price of a new textbook increases from $120 to $160, while the price of used copies of the textbook increased from $80 to $100. Other things being equal, we would expect
A) the quantity demanded of the used textbook to increase and the quantity demanded of the new textbook to decrease.
B) the quantity demanded of both to fall.
C) the demand for the new textbook to increase and the demand for the used textbook to decrease.
D) the quantity demanded of the used textbook to decrease and the quantity demanded of the new textbook to increase.
A
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How would the economy of Canada be likely to be characterized?
a) free market b) centrally planned c) mixed, but on the side of centrally planned d) mixed, but on the side of free marker
One difference between perfect competition and monopolistic competition is that
A) a perfectly competitive industry has fewer firms. B) in perfect competition, firms produce slightly differentiated products. C) monopolistic competition has barriers to entry. D) firms in monopolistic competition face a downward-sloping demand curve.