An example of a market where a Bertrand model would be NOT be plausible is the market for

The law of diminishing product states that if increasing quantities of a variable factor are applied to a given quantity of fixed factors, then:

a) the MP and the AP of the variable factor will eventually decrease. b) TP will eventually begin to fall. c) the AP will eventually decrease, but only if TP is held constant. d) the MP will eventually decrease with constant AP. e) the AP will eventually decrease with constant MP.

The quantity of domestically produced goods and services that households, firms, the government, and customers abroad want to buy at each price level is shown on the

a) aggregate-goods curve. b) market-demand curve. c) aggregate-demand curve. d) aggregate-supply curve.