As of 2005 the European Union had:

An individual's demand curve for a good can be derived by measuring the quantities selected as

A) the price of the good changes. B) the price of substitute goods changes. C) income changes. D) All of the above.

Suppose a firm in a competitive market reduces its output by 20 percent. As a result, the price of its output is likely to

a. increase. b. remain unchanged. c. decrease by less than 20 percent. d. decrease by more than 20 percent.