Buyers and sellers of a particular good make up the:
A. demand for the good.
B. production possibilities curve for the good.
C. market for the good.
D. supply for the good.
Answer: C
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Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period because
a. buyers tend to be much less sensitive to a change in price when given more time to react. b. buyers tend to be much more sensitive to a change in price when given more time to react. c. buyers will have substantially more income over a ten-year period. d. the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline.
A monopolist
A) is a price searcher. B) is a price taker. C) faces an upward sloping demand curve. D) faces a vertical demand curve.