The number of sellers in a market is considered to be large when
a. the total exceeds 100
b. no single buyer can affect the price through his or her demand for the product
c. they cannot be easily counted
d. no single seller can affect the price by changing its level of output
e. no seller controls more than 20 percent of the total market supply
D
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Refer to Figure 14.2. Other things equal, a decrease in inflationary expectations would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point C to point B. D) point B to point C.
The principle that consumers and firms optimize
A) is not helpful because some economic agents may behave irrationally. B) is helpful because it allows us to analyze how economic agents respond to changes in their environment. C) only applies to perfectly competitive markets. D) is helpful because it determines the available technology.