When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect

In perfect competition, when market demand decreases, explain how the price of the good and the output and profit of each firm changes in the short run

What will be an ideal response?

Scott receives a producer surplus of $1,000 from selling a baseball bat. If the market price of the bat is $1,500, the minimum price at which Scott was willing to sell the bat is $500

a. True b. False Indicate whether the statement is true or false