In competitive markets, buyers
a. are price takers, but sellers are price setters.
b. are price setters, but sellers are price takers.
c. and sellers are price takers.
d. and sellers are price setters.
c
Economics
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A relatively flat demand curve indicates that
a. quantity demanded will adjust only slightly to a price change. b. quantity demanded will adjust significantly to a price change. c. quantity demanded will not adjust to a price change. d. the change in quantity demanded will exactly equal a change in price.
Economics
Exhibit 6-15 Long-run average cost
?
Given the short-run average total cost curves in Exhibit 6-15, what level of output per week minimizes average total cost?
A. 500 units. B. 1,000 units. C. 1,500 units. D. 2,000 units.
Economics