The law of demand states that
A) people demand less at lower prices.
B) the quantity demanded is directly related to price.
C) the quantity demanded is inversely related to price.
D) changes in price and changes in quantity demanded move in the same direction.
C
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In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the
equilibrium quantity (Q) of X. Refer to the given information. A reduction in the number of firms producing X will: A. increase D, increase P, and increase Q. B. increase S, decrease P, and increase Q. C. decrease S, increase P, and decrease Q. D. decrease S, decrease P, and increase Q.
An industry with a concentration ratio of 80 would have at least ____ firms.
A. 2 B. 3 C. 4 D. 5