The failure of majority rule to produce transitive preferences for society is called the

If price changes by one firm induce rival firms selling close substitutes to alter their prices,

A) firms will be able to raise their prices without fear of losing sales. B) the demand curve will shift in response to a change in price. C) the original firm faces an elastic demand curve. D) the original firm faces an inelastic demand curve. E) there is no competition between the rival firms.

The above figures show the market for gasoline. Which figure shows the effect of the end of a nine month strike by workers at all U.S. oil refineries?

A) Figure A B) Figure B C) Figure C D) Figure D