Which of the following would occur if a single farm in perfect competition lowered its price below the long-run equilibrium market price?
举一反三
- [单选]Under which of the following market structures would consumers likely pay the highest price for a product? A: perfect competition B: monopolistic competition C: oligopoly D: monopoly
- Which of the following is a characteristic of perfect competition? A: . A single seller. B: . A small number of buyers. C: . Buyers and sellers are price setters. D: . Buyers and sellers are price takers.
- If the actual price were below the equilibrium price in the market for bread, a: A: surplus would develop that cannot be eliminated over time. B: shortage would develop, which market forces would eliminate over time. C: surplus would develop, which market forces would eliminate over time. D: shortage would develop, which market forces would tend to exacerbate.
- Which of the following will definitely occur when there is an increase in demand for and a decrease in supply of milk? A: an increase in equilibrium quantity B: a decrease in equilibrium quantity C: a decrease in equilibrium price D: an increase in equilibrium price.
- If the government sets a minimum price for gasoline below the equilibrium price: