In a monopolistically competitive market, as the number of product variants decreases, the price of a particular firm's product is likely to ________ because the demand for each variety becomes more

A. increase; inelastic.
B. increase; elastic.
C. decrease; elastic.
D. decrease; inelastic.

Answer: A

Economics

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Refer to Figure 3-5. At a price of $20

A) there would be a surplus of 8 units. B) there would be a shortage of 4 units. C) there would be a surplus of 0 units. D) there would be a shortage of 8 units.

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If a bank has $1 million in assets and $50,000 in net worth, its liabilities must equal: a. $50,000

b. $1,050,000. c. $50 million. d. $1,000,000. e. $950,000.

Economics