Which of the following is not a characteristic of a competitive price-searcher market?
a. Each firm produces a differentiated product.
b. The entry barriers are high.
c. Each firm faces a downward-sloping demand curve.
d. The number of firms in the market is large.
B
Economics
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Lizzie's budget line is shown in the figure above. If the price of a cookie falls, the budget line
A) shifts rightward and its slope does not change. B) shifts leftward and its slope does not change. C) becomes flatter. D) becomes steeper.
Economics
When John was in college and his income was low, he drank "Red Ribbon" beer. As his income increased, he purchased better-quality beer and less "Red Ribbon." Which graph in the above figure best represents John's Engel curve for "
A) Graph A B) Graph B C) Graph C D) Graph D
Economics