On user market demand side:
What will be an ideal response?
Ans: individuals, households, & firms who require space either for consumption or production purposes
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Two goods are considered substitutes if
a. a decrease in the demand for one leads to a decrease in the supply of the other. b. an increase in the demand for one leads to a decrease in the supply of the other. c. an increase in the price of one leads to an increase in the demand for the other. d. a decrease in the price of one leads to an increase in the demand for the other. e. a decrease in the supply of one leads producers to switch to production of the other.
Exhibit 9-2 A monopolistic competitive firm
?
To maximize long-run profits, the monopolistically competitive firm shown in Exhibit 9-2 will charge a price per unit of:
A. zero. B. $5. C. $10. D. $15.