Econ unit II

a market

is an institution that brings together buyers and sellers

the law of demand states that

price and quantity demanded are inversely related

the demand curve shows the relationship between

price and quantity demanded

economists use the term demanded to refer to

a schedule of various combinations of market prices and amounts demanded

the relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is ______.

direct, inverse

when the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower. This statement descrives

the substitution effet

which of the following will not causes the demand for product K to change?

a change in the price of k

which of the following would not shift the demand curve for beef

a reduction in the price of cattle feed

an economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that

bicycles are normal goods

a rightward shift in the demand curve for product C might be caused by

a decrease in the price of a product that is complementary to C

if the price of product L increases, the demand curve for close substitute product J will

shift to the right

a shift to the right in the demand curve for product A can be most reasonably explained by saying that

consumer preferences have changed in favor of A so that they now want to buy more at each possible price

which of the following will cause the demand curve for product A to shift to the left

an increase in money income if A is an inferior good

if X is a normal good, a rise in money income will shift the

demand curve for the X to the right

other things equal, which of the following might shift the demand curve for gasoline to the left

the development of a low cost electric automobile

an increase in consumer incomes will

increase the demand for a normal good

assume the demand curve for product X shifts to the right. this might be caused by

a decline in income if X is an inferior good

the demand curve for a product might shif as the result of a change in

all of the above

suppose an excise tax is imposed on product X. we would expect this tax to

decrease the demand for complementary good Y and increase the demand for substitute product Z

a decrease in demand is depicted by a

shift from D2 to D1

a decrease in quantity demanded (as distinct from a decrease in demand) is depicted by a

move from point y to point x

when an economist says that the demand for a product has increased, this means that

consumers are now willing to purchase more of this product at each possible price

"in the corn market, demand often exceeds QS and QS sometimes QD." "the price of corn rises and falls in response to changes in supply and demand." in which o these two statements are the terms demand and supply being used correctly

in the second statement

by an increase in demand we mean that

the quantity demanded at each price in a set of prices is greater

the term quantity demanded

refers to the amount of a product that will be purchased at some specific price

in consumers are willing to pay a higher price than previously for each level of output, we can say that the following has occurred

an increase in demand

a decrease in the demand for recreational fishing boats might be caused by an increase in the

price of outboard motors

an increase in demand means that

the demand curve has shifted to the right

an increase in the quantity demanded means that

price has declined and consumers therefore want to purchase more of the product

a decrease in supply is depicted by a

shift from S2 to S1

an increase in quantity supplied is depicted by a

move from point y to point x

the law of supply indicates that

producers will offer more of a product at high prices than they will at low prices

the supply curve shows the relationship between

price and quantity supplied

a leftward shift of a product supply curve might be caused by

some firms leaving an industry

an improvement in production technology will

shift the supply curve to the right

if producers must obtain higher prices than previously to produce various levels of output, the following has occurred

a decrease in supply

the location of the supply curve of a product depends on

the technology used to produce it, the prices of resources used in its production, the number of sellers

assume product A is an input in the production of product B. In turn product B is a complement to product C. we can expect a decrease in the price of A to

increase the supply of B and increase the demand for C

assume a drought in the great plains reduces the supply of wheat. noting that wheat is a basic ingredient in the production of bread and that potatoes are a consumer substitute for bread, we would expect the price of wheat to

rise, the supply of bread to decrease, and the demand for potatoes to increase

other things equal, if the price of a key resource used to produce product X falls, the

product supply curve of X will shift to the right

an increase in the excise tax on cigarettes raises the price of cigarettes by shifting the

demand curve for cigarettes leftward

a government subsidy to the producers of a product

increases product supply

suppose that at prices of $5, $4, $3, $2, and $1 for product Z, the corresponding quantities supplied are 3, 4, 5, 6, and 7 units, respectively. which of the following would increae the quantities supplied of Z to, say, 6, 8, 10, 12, and 14 units at these prices?

improved technology for producing Z

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. If demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5), equilibrium price and quantity will be:

$8 and 60 units

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be:

$9 and 60 units

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. in relation to column (3), a change from column (2) to column (1) would indicate a(n):

increase in demand

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. in relation to column (3), a change from column (5) to column (4) would indicate a(n):

decrease in supply

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $9, a

a surplus of 20 units would occur

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). if the price were artificially set at $6, a:

a shortage of 40 units would occur

if a product is in surplus supply, its price

is above the equilibrium level

the rationing function of prices refers to the

capacity of a competitive market to equate the quantity demanded and the quantity supplied

other things equal, an excise tax on a product will

increase its price

assuming conventional supply and demand curves, changes in determinants of supply and demand will

in all likelihood alter both equilibrium price and quantity

which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity

an increase in supply

suppose in each of four successive years producers sell more of their product and at lower prices. this could be explained

in terms of a stable demand curve and increasing supply

other things equal, the provision of a per unit subsidy for a product will

increase its supply

which of the following statements is correct

if supply increases and demand decrease, equilibrium price will fall

in which of the following instances will the effect on equilibrium price be dependent on the magnitude of the shifts in supply and demand

demand rises and supply falls

price floors and ceiling prices

both cause surpluses

a desire to buy a product is the only requirement needed for demand to exist

false

marginal utility describes the decreasing satisfaction a consumer receives with the purchase of each additional unit

false

a demand curve illustrates the quantity demanded at all possible prices at a given time

true

the law of demand states that more of a product will be purchased at low prices than at high ones

true

a supply curve is a graph that shows the various quantities supplied at a single market price

false

productivity will decrease if workers are unmotivated

true

if producers expect lower prices in the future, they may withhold some of the supply

false

when more suppliers enter the market, the market supply will typically decline

false

the theory of production deals with the relationship between the factors of production and the output of goods and services

true

the law of variable proportions states that in the short run, output will not change as one production input is varied while the others remain constant

false

the production function describes the relationship of changes in output to different amounts of a single input while other inputs are held constant

true

an increase in output as each new input is added, as in the addition fo a worker, describes Stage I of stages of production

true

fixed cost is the cost that a business incurs even if there are no employees and no production takes place

true

the number of items sold multiplied by the average price of each item yields the total revenue of a business

true

the law of supply states that suppliers will normally offer less for sale at higher prices and more for sale at lower prices

false

the market supply curve shows the quantities offered at various prices by all firms that offer the product for sale in a given market

true

an increase in the cost of inputs can cause the supply curve to shift to the left

true

a supply curve is likely to be elastic for products that can be made quickly without huge amounts of capital and skilled labor

true

the introduction of technology usually has no effect on supply

false

the mix of variable costs and fixed costs that a business faces affects the way the business operates

true

marginal cost is the change in total revenue when one more unit of output is sold

false

the four important measures of cost are: total cost, fixed cost, variable cost, and marginal cost

true

the profit-maximizing quantity of output occurs when marginal cost is exactly equal to total revenue

false

marginal analysis compares the additional benefits of an action to its additional costs

true

economists often use an economic model to help analyze behavior and predict outcomes

false

market equilibrium is the situation in which the quantity of output supplied is equal to the quantity demanded

true

the amount of a price change disaffected by the elasticity of both the supply and demand curves

true

if the price of an item is too high in a competitive market, a shortage appears until the price goes down

false

perfect competition is not necessary for the theory of competitive pricing to be practical

true

market situations lacking one or more of the characteristics of perfect competition are called imperfect competition

true

perfect competition requires a market structure with freedom for firms to enter or leave the market

true

oligopoly is a market structure with one very large firm

false

a government monopoly is monopoly based on ownership or control of a manufacturing method or process

false

the monopolist does not use an equilibrium price to determine prices

true

the us government intervenes in the economy to reduce the costs of imperfect competition

true

the government can "internalize an externality" by using the tax system

true

a condition of perfect competition is characterized by product differentation

false

the monopolistic competitor operates in a market with many well-informed buyers and sellers

true

nonprice competition is the use of advertising, giveaways, and other promotional campaigns to win customers

true

smaller firms have the advantage of economies of scale over large firms

false

market failure can occur when resources do not move freely from one industry to another

true

economists describe an unintended side effect of a business activity as an externality

true

the united states government uses taxes to reduce the effects of negative externalities

true

corporations selling stock to the public must disclose their financial and operating information to both the public and the securities and exchange commission

true

for most products and services, increased price results in

demand for few products

an increase in the price of milk causes a decrease in the demand for cereal. the two products are

complements

advertising, fashion trends, and new product introductions serve to

create consumer demand

because a modest price increase has little or no effect, the demand for the product is

inelastic

a business doubled the price of a product in order to increase profits. which of the following scenarios might thave occurred?

a dramatic decline in revenues demonstrated the elasticity of the product

a demand schedule shows

a listing of the various quantities demanded of a particular product at all prices that might prevail in the market

consumers' willingness to replace a costly item with a less costly item is an example of

the substitute effect

an increase in the price of cameras results in a decrease in the demand for film. the two products are

complements

when a consumer's need for a product is not urgent, demand tends to be

elastic

when a manufacturer of pain medication reduced the price of medication by 30%, profits declined by almost exactly 30%. demand for the product is

unit elastic

all of the following can change the market supply curve EXCEPT
a) the cost of labor
b) the expectation
c) a change in the demand for the product
d) the number of sellers offering the product

C

the supply of a product normally decreases if

taxes on the product increase

when employees are getting in each other's way, the firm is operating

in stage II of production

when producers offer fewer products for sale at each and every price,

the supply curve has shifted to the left

the theory of production deals with the relationship between the factors of production and

the output of goods and services

rent payments and property taxes would be counted as

fixed costs

many businesses are engaging in e-commerce because

fixed costs are minimal

which of the following is NOT a reason why prices effectively perform the allocation function

prices remain surprisingly stable despite unexpected events

in a market economy, a high price is signal for

producers to supply more and consumers to buy less

at a given price, a surplus occurs when

the quantity supplied is greater than the quantity demanded

the federal minimum wage law demonstrates

a societal choice for economic equity over efficiency

when economic or political conditions are unstable

the demand for gold increases

prices enable a market economy to adjust to unexpected events by

adjusting consumption and production

all of the following are characteristics of allocation by rationing EXCEPT

efficiency

if a competitive market is at equilibrium, and if there is a sudden increase in demand, then a temporary

shortage will occur and the price will increase

the theory of competitive pricing

is a set of ideal conditions and outcomes

deficiency payments are part of a federal program to assist

farmers

perfect competition is characterized by all of the following EXCEPT

sellers acting together to set prices

a monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a

technological monopoly

the government is involved in the us economy for all of the following reasons except

promote the development of market externalities

under perfect competition

no seller sells a product above the prevailing market price

when a major car company lowers its prices, other car makers will probably

lower their prices

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Econ unit II

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a market

is an institution that brings together buyers and sellers

the law of demand states that

price and quantity demanded are inversely related

the demand curve shows the relationship between

price and quantity demanded

economists use the term demanded to refer to

a schedule of various combinations of market prices and amounts demanded

the relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is ______.

direct, inverse

when the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower. This statement descrives

the substitution effet

which of the following will not causes the demand for product K to change?

a change in the price of k

which of the following would not shift the demand curve for beef

a reduction in the price of cattle feed

an economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that

bicycles are normal goods

a rightward shift in the demand curve for product C might be caused by

a decrease in the price of a product that is complementary to C

if the price of product L increases, the demand curve for close substitute product J will

shift to the right

a shift to the right in the demand curve for product A can be most reasonably explained by saying that

consumer preferences have changed in favor of A so that they now want to buy more at each possible price

which of the following will cause the demand curve for product A to shift to the left

an increase in money income if A is an inferior good

if X is a normal good, a rise in money income will shift the

demand curve for the X to the right

other things equal, which of the following might shift the demand curve for gasoline to the left

the development of a low cost electric automobile

an increase in consumer incomes will

increase the demand for a normal good

assume the demand curve for product X shifts to the right. this might be caused by

a decline in income if X is an inferior good

the demand curve for a product might shif as the result of a change in

all of the above

suppose an excise tax is imposed on product X. we would expect this tax to

decrease the demand for complementary good Y and increase the demand for substitute product Z

a decrease in demand is depicted by a

shift from D2 to D1

a decrease in quantity demanded (as distinct from a decrease in demand) is depicted by a

move from point y to point x

when an economist says that the demand for a product has increased, this means that

consumers are now willing to purchase more of this product at each possible price

"in the corn market, demand often exceeds QS and QS sometimes QD." "the price of corn rises and falls in response to changes in supply and demand." in which o these two statements are the terms demand and supply being used correctly

in the second statement

by an increase in demand we mean that

the quantity demanded at each price in a set of prices is greater

the term quantity demanded

refers to the amount of a product that will be purchased at some specific price

in consumers are willing to pay a higher price than previously for each level of output, we can say that the following has occurred

an increase in demand

a decrease in the demand for recreational fishing boats might be caused by an increase in the

price of outboard motors

an increase in demand means that

the demand curve has shifted to the right

an increase in the quantity demanded means that

price has declined and consumers therefore want to purchase more of the product

a decrease in supply is depicted by a

shift from S2 to S1

an increase in quantity supplied is depicted by a

move from point y to point x

the law of supply indicates that

producers will offer more of a product at high prices than they will at low prices

the supply curve shows the relationship between

price and quantity supplied

a leftward shift of a product supply curve might be caused by

some firms leaving an industry

an improvement in production technology will

shift the supply curve to the right

if producers must obtain higher prices than previously to produce various levels of output, the following has occurred

a decrease in supply

the location of the supply curve of a product depends on

the technology used to produce it, the prices of resources used in its production, the number of sellers

assume product A is an input in the production of product B. In turn product B is a complement to product C. we can expect a decrease in the price of A to

increase the supply of B and increase the demand for C

assume a drought in the great plains reduces the supply of wheat. noting that wheat is a basic ingredient in the production of bread and that potatoes are a consumer substitute for bread, we would expect the price of wheat to

rise, the supply of bread to decrease, and the demand for potatoes to increase

other things equal, if the price of a key resource used to produce product X falls, the

product supply curve of X will shift to the right

an increase in the excise tax on cigarettes raises the price of cigarettes by shifting the

demand curve for cigarettes leftward

a government subsidy to the producers of a product

increases product supply

suppose that at prices of $5, $4, $3, $2, and $1 for product Z, the corresponding quantities supplied are 3, 4, 5, 6, and 7 units, respectively. which of the following would increae the quantities supplied of Z to, say, 6, 8, 10, 12, and 14 units at these prices?

improved technology for producing Z

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. If demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5), equilibrium price and quantity will be:

$8 and 60 units

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be:

$9 and 60 units

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. in relation to column (3), a change from column (2) to column (1) would indicate a(n):

increase in demand

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. in relation to column (3), a change from column (5) to column (4) would indicate a(n):

decrease in supply

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $9, a

a surplus of 20 units would occur

(1) (2) (3) (4) (5)
Qd Qd Price Qs Qs
50 40 $10 70 80
60 50 9 60 70
80 60 8 50 60
90 70 7 40 50
100 80 6 30 40

refer to the above table. suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). if the price were artificially set at $6, a:

a shortage of 40 units would occur

if a product is in surplus supply, its price

is above the equilibrium level

the rationing function of prices refers to the

capacity of a competitive market to equate the quantity demanded and the quantity supplied

other things equal, an excise tax on a product will

increase its price

assuming conventional supply and demand curves, changes in determinants of supply and demand will

in all likelihood alter both equilibrium price and quantity

which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity

an increase in supply

suppose in each of four successive years producers sell more of their product and at lower prices. this could be explained

in terms of a stable demand curve and increasing supply

other things equal, the provision of a per unit subsidy for a product will

increase its supply

which of the following statements is correct

if supply increases and demand decrease, equilibrium price will fall

in which of the following instances will the effect on equilibrium price be dependent on the magnitude of the shifts in supply and demand

demand rises and supply falls

price floors and ceiling prices

both cause surpluses

a desire to buy a product is the only requirement needed for demand to exist

false

marginal utility describes the decreasing satisfaction a consumer receives with the purchase of each additional unit

false

a demand curve illustrates the quantity demanded at all possible prices at a given time

true

the law of demand states that more of a product will be purchased at low prices than at high ones

true

a supply curve is a graph that shows the various quantities supplied at a single market price

false

productivity will decrease if workers are unmotivated

true

if producers expect lower prices in the future, they may withhold some of the supply

false

when more suppliers enter the market, the market supply will typically decline

false

the theory of production deals with the relationship between the factors of production and the output of goods and services

true

the law of variable proportions states that in the short run, output will not change as one production input is varied while the others remain constant

false

the production function describes the relationship of changes in output to different amounts of a single input while other inputs are held constant

true

an increase in output as each new input is added, as in the addition fo a worker, describes Stage I of stages of production

true

fixed cost is the cost that a business incurs even if there are no employees and no production takes place

true

the number of items sold multiplied by the average price of each item yields the total revenue of a business

true

the law of supply states that suppliers will normally offer less for sale at higher prices and more for sale at lower prices

false

the market supply curve shows the quantities offered at various prices by all firms that offer the product for sale in a given market

true

an increase in the cost of inputs can cause the supply curve to shift to the left

true

a supply curve is likely to be elastic for products that can be made quickly without huge amounts of capital and skilled labor

true

the introduction of technology usually has no effect on supply

false

the mix of variable costs and fixed costs that a business faces affects the way the business operates

true

marginal cost is the change in total revenue when one more unit of output is sold

false

the four important measures of cost are: total cost, fixed cost, variable cost, and marginal cost

true

the profit-maximizing quantity of output occurs when marginal cost is exactly equal to total revenue

false

marginal analysis compares the additional benefits of an action to its additional costs

true

economists often use an economic model to help analyze behavior and predict outcomes

false

market equilibrium is the situation in which the quantity of output supplied is equal to the quantity demanded

true

the amount of a price change disaffected by the elasticity of both the supply and demand curves

true

if the price of an item is too high in a competitive market, a shortage appears until the price goes down

false

perfect competition is not necessary for the theory of competitive pricing to be practical

true

market situations lacking one or more of the characteristics of perfect competition are called imperfect competition

true

perfect competition requires a market structure with freedom for firms to enter or leave the market

true

oligopoly is a market structure with one very large firm

false

a government monopoly is monopoly based on ownership or control of a manufacturing method or process

false

the monopolist does not use an equilibrium price to determine prices

true

the us government intervenes in the economy to reduce the costs of imperfect competition

true

the government can "internalize an externality" by using the tax system

true

a condition of perfect competition is characterized by product differentation

false

the monopolistic competitor operates in a market with many well-informed buyers and sellers

true

nonprice competition is the use of advertising, giveaways, and other promotional campaigns to win customers

true

smaller firms have the advantage of economies of scale over large firms

false

market failure can occur when resources do not move freely from one industry to another

true

economists describe an unintended side effect of a business activity as an externality

true

the united states government uses taxes to reduce the effects of negative externalities

true

corporations selling stock to the public must disclose their financial and operating information to both the public and the securities and exchange commission

true

for most products and services, increased price results in

demand for few products

an increase in the price of milk causes a decrease in the demand for cereal. the two products are

complements

advertising, fashion trends, and new product introductions serve to

create consumer demand

because a modest price increase has little or no effect, the demand for the product is

inelastic

a business doubled the price of a product in order to increase profits. which of the following scenarios might thave occurred?

a dramatic decline in revenues demonstrated the elasticity of the product

a demand schedule shows

a listing of the various quantities demanded of a particular product at all prices that might prevail in the market

consumers’ willingness to replace a costly item with a less costly item is an example of

the substitute effect

an increase in the price of cameras results in a decrease in the demand for film. the two products are

complements

when a consumer’s need for a product is not urgent, demand tends to be

elastic

when a manufacturer of pain medication reduced the price of medication by 30%, profits declined by almost exactly 30%. demand for the product is

unit elastic

all of the following can change the market supply curve EXCEPT
a) the cost of labor
b) the expectation
c) a change in the demand for the product
d) the number of sellers offering the product

C

the supply of a product normally decreases if

taxes on the product increase

when employees are getting in each other’s way, the firm is operating

in stage II of production

when producers offer fewer products for sale at each and every price,

the supply curve has shifted to the left

the theory of production deals with the relationship between the factors of production and

the output of goods and services

rent payments and property taxes would be counted as

fixed costs

many businesses are engaging in e-commerce because

fixed costs are minimal

which of the following is NOT a reason why prices effectively perform the allocation function

prices remain surprisingly stable despite unexpected events

in a market economy, a high price is signal for

producers to supply more and consumers to buy less

at a given price, a surplus occurs when

the quantity supplied is greater than the quantity demanded

the federal minimum wage law demonstrates

a societal choice for economic equity over efficiency

when economic or political conditions are unstable

the demand for gold increases

prices enable a market economy to adjust to unexpected events by

adjusting consumption and production

all of the following are characteristics of allocation by rationing EXCEPT

efficiency

if a competitive market is at equilibrium, and if there is a sudden increase in demand, then a temporary

shortage will occur and the price will increase

the theory of competitive pricing

is a set of ideal conditions and outcomes

deficiency payments are part of a federal program to assist

farmers

perfect competition is characterized by all of the following EXCEPT

sellers acting together to set prices

a monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a

technological monopoly

the government is involved in the us economy for all of the following reasons except

promote the development of market externalities

under perfect competition

no seller sells a product above the prevailing market price

when a major car company lowers its prices, other car makers will probably

lower their prices

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