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A _______________ demand curve occurs when volume increases significantly as price decreases.a.) price-elasticb.) price-inelasticc.) positive-slopingd.) negative-sloping
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- If all firms in an industry are price-takers, then: a. each firm can sell at the price it wants to charge, provided it is not too different from the prices other firms are changing.b. each firm takes the market price as given for its current output level, recognizing that the price will change if it alters its output significantly. c. the market sets the price, and each firm can take it or leave it (by setting a different price)d. An individual firm cannot alter the market price even if it doubles in output.
- According to the text, a _______________ demand curve occurs when volume is relatively insensitive to changes in price.a.) price-elasticb.) price-inelasticc.) positive-slopingd.) negative-sloping
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