When a monopolistically competitive firm raises its price,
A: quantity demanded falls to zero.
B: quantity demanded declines but not to zero.
C: the market supply curve shifts outward.
D: quantity demanded remains constant.
A: quantity demanded falls to zero.
B: quantity demanded declines but not to zero.
C: the market supply curve shifts outward.
D: quantity demanded remains constant.
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- If the market price of a good is below the equilibrium price ______ A: quantity demanded Hill exceed quantity supplied, resulting in a shortage. B: quantity demanded Hill exceed quantity supplied, resulting in a surplus. C: quantity supplied will exceed quantity demanded, resulting in a shortage. D: quantity supplied will exceed quantity demanded, resulting in a surplus. E: the supply curve will shift to the left and the demand curve will shift to the right.
- The slope of the demand curve is not the same as the price elasticity of demand because the slope of a demand curve ( ) A: compares percentage changes in quantity demanded and price. B: compares absolute changes in quantity demanded and price. C: obeys the law of demand. D: is not constant when the demand curve is linear.
- The imposition of a binding price floor on a market causes quantity demanded to be
- Suppose that the current price in a market for Pizza is $9. At that price, the quantity demanded is 519 and the quantity supplied is 400. In this market, we would expect that:
- When there is a change in the quantity demanded it means that the: