Using the above figure, suppose there is a decrease in the number of suppliers. Then
A) the equilibrium price will decrease below $25 per dozen roses.
B) we cannot predict what will happen to equilibrium quantity.
C) the equilibrium quantity will decrease below 10 dozen roses.
D) both the equilibrium price and quantity will increase.
C
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California voters and legislators frequently debate about the true cost of water in the course of trying to establish state policy to govern the use of water. The issue is confusing because
A) all water is ultimately a free gift of nature. B) the cost of water is infinite. C) water in itself, considered simply as a chemical compound, cannot be assigned any specific cost. D) we cannot settle a question that is entirely a matter of opinion.
Restaurants cluster together. That is, on one corner, there may be four similar fast-food restaurants. How can this be explained using a location game theory model?
What will be an ideal response?