To have competition as economists define it,
A. you need many firms in an industry, with no one firm having any influence over price.
B. you need a couple of firms in the industry, with each having significant influence over the price.
C. you need many firms in an industry, and it doesn't matter if one firm has influence over price.
D. All of these statements are true.
A. you need many firms in an industry, with no one firm having any influence over price.
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Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is elastic. B) the supply of paper is elastic. C) the supply of paper is inelastic. D) the demand for paper is inelastic.