The most important advantages of bigness will be found in industries that show increasing returns to scale

Which of the following is the term that defines the relationship between price and quantity supplied?

a. negative b. law of demand c. ceteris paribus d. equilibrium e. willingness to pay f. willingness to accept g. marginal benefit h. None of the above.

A tax is imposed on orange juice. Consumers will bear more of the burden of the tax: a. If the demand for orange juice is relatively inelastic and the supply is relatively elastic. b. If the demand for orange juice is relatively elastic and the supply is relatively inelastic. c. If the supply for orange juice is perfectly inelastic

d. none of the above