The resource market is different from the product market because
a. in the resource market, firms don't maximize profit
b. in the resource market, households don't maximize utility
c. in the resource market, firms are demanders and households are suppliers
d. supply and demand do not apply in the resource market
e. supply and demand do not apply in the product market
C
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The graph illustrates the supply of sweaters. Which of the following events will increase the quantity supplied of sweaters?
A) a rise in the price of a sweater B) a rise in the wage rate paid to the workers who make sweaters C) a rise in the expected future price of a sweater D) an increase in the number of sellers of sweaters E) a decrease in the number of sweater buyers
Compared to perfect competition, a monopolistically competitive market will produce ________ output and charge a ________ price
A) more; higher B) more; lower C) less; higher D) less; lower