Refer to the table above. Assuming that the market consists of only these three sellers, what is the market supply when the price is $1?

Demand is said to be ____ when the quantity demanded changes the same proportion as the price

a. independent b. inelastic c. unit elastic d. elastic

Which of the following statements is not correct?

a. Critics of advertising argue that firms advertise to manipulate consumers' tastes. b. Defenders of advertising argue that advertising provides valuable product information to consumers. c. An industry with many brand name products will be more competitive than one with many generic products. d. The willingness of a firm to spend a large amount of money on advertising can signal the quality of the product.