An antitrust agency is identifying the product market for Good X and determines that Good X and Good Y have a cross-price elasticity of 0.04. As a result of the cross-price elasticity, the antitrust agency is likely to ________ Good Y from Good X's product market as the products ________ compete as close substitutes.

In monopolistic competition, in the long run firms produce

A) less output than that which minimizes their ATC. B) more output than that which minimizes their ATC. C) the amount of output that minimizes their ATC and their AVC. D) the amount of output that minimizes their ATC but not their AVC.

Suppose the market for hospital outpatient treatment is in equilibrium when a price ceiling is set below the equilibrium price. What do you expect to happen?

a. A surplus will develop. b. A shortage will develop. c. Quantity demanded will decrease. d. The number of outpatient visits will rise. e. The demand for outpatient procedures will fall.