Assume that the market for consumer gasoline is perfectly competitive. When one additional seller (gas station) enters the market,
A) then at least one other seller must exit the market.
B) the price of gasoline increases.
C) the price of gasoline is left unaffected.
D) the price of gasoline decreases.
E) None of the above is correct.
C
Economics
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Indicate whether the statement is true or false
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(Last Word) The combined cost of Social Security and Medicare programs was what percent of U.S. GDP in 2011?
A. 8.5. B. 12.0. C. 17.2. D. 13.0.
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