If the demand for a commodity is perfectly elastic, a downward shift in supply will result in lower prices

When supply decreases and the supply curve shifts to the left, equilibrium price ________ and equilibrium quantity ________

A) increases; decreases B) decreases; increases C) decreases; decreases D) increases; increases

The monopolistic competition market structure is characterized by a few large firms which account for a large percentage of industry sales

a. True b. False Indicate whether the statement is true or false