Refer to the information provided in Figure 5.5 below to answer the question that follows. Figure 5.5Refer to Figure 5.5. As the price of good W decreased, the demand for good Y shifted from D1 to D2. The cross-price elasticity of demand between W and Y is

In the long run, profits in a monopolistic competition market are zero because:

a. of government regulations. b. of collusion. c. firms are free to enter and exit the market. d. firms produce a differentiated product.

If a nonbinding price floor is imposed on a market, then the

a. quantity sold in the market will decrease. b. quantity sold in the market will stay the same. c. price in the market will increase. d. price in the market will decrease.