4. True or False a. A perfectly competitive market consists of products that are all slightly different from each other.
Posted: Wed Jul 06, 2022 6:24 pm
4. True or False
a. A perfectly competitive market consists of products that areall slightly different from each other. (1 point)
b. If apples and oranges are substitutes, an increase in theprice of apples will decrease the demand for oranges. (1 point)
c. If golf clubs and golf balls are complements, an increase inthe price of gold clubs will decrease the demand for golf balls. (1point)
d. If consumers expect the price of shoes to rise, there will bean increase in the demand for shoes today. (1 point)
e. An increase in the price of steel will shift the supply ofautomobiles of the right. (1 point)
f. When the price of a good is below the equilibrium price, itcauses a surplus. (1 point)
g. The market supply curve is the horizontal summation of theindividual supply curves. (1 point)
h. An advance in the technology employed to manufactureRollerblades will result in a decrease in the equilibrium price andan increase in the equilibrium quantity in the market forRollerblades. (1 point)
i. The law of demand states that an increase in the price of agood decreases the demand for that good. (1 point)
a. A perfectly competitive market consists of products that areall slightly different from each other. (1 point)
b. If apples and oranges are substitutes, an increase in theprice of apples will decrease the demand for oranges. (1 point)
c. If golf clubs and golf balls are complements, an increase inthe price of gold clubs will decrease the demand for golf balls. (1point)
d. If consumers expect the price of shoes to rise, there will bean increase in the demand for shoes today. (1 point)
e. An increase in the price of steel will shift the supply ofautomobiles of the right. (1 point)
f. When the price of a good is below the equilibrium price, itcauses a surplus. (1 point)
g. The market supply curve is the horizontal summation of theindividual supply curves. (1 point)
h. An advance in the technology employed to manufactureRollerblades will result in a decrease in the equilibrium price andan increase in the equilibrium quantity in the market forRollerblades. (1 point)
i. The law of demand states that an increase in the price of agood decreases the demand for that good. (1 point)