Assume a change in price causes the price elasticity of demand for a good (in absolute value) and marginal revenue to decrease. In this case we can conclude that the price of the good was:

The personal preferences of an individual determine the point he or she chooses on the budget constraint

a. True b. False Indicate whether the statement is true or false

Sellers in a perfectly competitive market are powerless to affect the market price of their product.

Answer the following statement true (T) or false (F)