1. When consumers become more price sensitive and the demand for a product decreases, what does this indicate about the market? A. The market is in perfect competition B. The market is a monopoly C. The market is in monopolistic competition D. The market is an oligopoly Correct Answer: A. The market is in perfect competition Rationale: In a perfectly competitive market, consumers have many choices and can easily switch between products based on price. 2. In a monopoly market, how does the demand curve compare to a perfectly competitive market? A. The demand curve is downward sloping in both markets B. The demand curve is perfectly elastic in a monopoly market C. The demand curve is perfectly elastic in a perfectly competitive market D. The demand curve is upward sloping in a monopoly market Correct Answer: A. The demand curve is downward sloping in both markets Rationale: In both monopoly and perfect competition markets, the demand curve slopes downward because as price decreases, quantity demanded increases.

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jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!

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