Charlie's consumer surplus from the first slice of pizza he buys is greater than the consumer surplus from the second slice because of
A) decreasing marginal benefits.
B) increasing marginal benefits.
C) decreasing marginal costs.
D) increasing marginal cost.
A
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If one firm has 80 percent of industry sales, while the remaining four firms share the other 20 percent of sales, then we can conclude that this is a(n)
a. monopoly b. price-taker market c. low concentration ratio industry d. balanced oligopoly e. unbalanced oligopoly
Suppose buyers of coffee and sugar regard the two goods as complements. Then an increase in the price of coffee will cause a(n)
a. decrease in the demand for sugar and a decrease in the quantity supplied of sugar. b. decrease in the supply of sugar and a decrease in the quantity demanded of sugar. c. decrease in the equilibrium price of sugar and an increase in the equilibrium quantity of sugar. d. increase in the equilibrium price of sugar and a decrease in the equilibrium quantity of sugar.