The threat of rejection in market transactions:
A. leads to better products for consumers.
B. leads to lower prices for consumers.
C. leads to greater cooperation between buyers and sellers.
D. does all of these.
Answer: D
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In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. As a result, the equilibrium quantity of gasoline ________, and the equilibrium price of gasoline ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) does not change; rises
Suppose a perfectly competitive firm can increase its profits by increasing its output. Then it must be true that the firm's:
a. marginal cost exceeds its marginal revenue. b. price exceeds its average variable cost but is less than average total cost. c. marginal revenue exceeds its marginal cost. d. price exceeds its marginal revenue.