If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is

Both individual buyers and sellers in perfect competition

A) can influence the market price by their own individual actions. B) can influence the market price by joining with a few of their competitors. C) have to take the market price as a given. D) have the market price dictated to them by government.

Exhibit 9-1 A monopolistic competitive firm ? If all firms in the industry are the same as the monopolistic competitive firm shown in this Exhibit 9-1, firms in the long run will:

A. leave the industry. B. earn positive economic profits. C. experience less competition because firms will exit the industry. D. experience competition from new firms that enter the industry.