Ifbuyersandsellersinacertainmarketarepricetakers,thenindividually
A. they have no influence on market price.
B. they have some influence on market price but that influence is limited.
C.buyers will be able to find prices lower than those determined in the market.
D. sellers will find it difficult to sell all they want to sell at the market price.
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Whichofthefollowingistheleastlikelytobeacompetitivemarket?
A. ice cream
B. soybeans
C. cable television
D. new houses
Thequantitydemandedofagoodistheamountthatbuyersare
A. willing to purchase.
B. willing and able to purchase.
C. willing, able, and need to purchase.
D. able to purchase.
Amovementupwardandtotheleftalongademandcurveiscalleda(n)
A. increase in demand.
B. decrease in demand.
C. decrease in quantity demanded.
D. increase in quantity demanded.
“Otherthingsequal,whenthepriceofagoodrises,thequantitydemandedofthegoodfalls,andwhenthepricefalls,thequantitydemandedrises.”Thisrelationshipbetweenpriceandquantitydemandedisreferredtoas
A. equilibrium.
B. the law of demand.
C. the relationship between supply and demand.
D. the definition of an inferior good.
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