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Author Question: Other things being constant, the only way to move along a given supply curve for a product is for ... (Read 81 times)

Davideckstein7

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on: Jun 29, 2018
Other things being constant, the only way to move along a given supply curve for a product is for
 
  A) the product's relative price to change.
  B) the future relative price of related goods to change.
  C) the number of sellers to change.
  D) technological changes to occur.

Question 2

What are the implications of there being a large number of firms in a monopolistically competitive market?
 
  What will be an ideal response?


ririgirl15

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A large number of firms has three implications. (1 ) Each firm will have a small share of the market since there are many firms. (2 ) There will be a lack of collusion among the firms because the large number will make it impossible for the firms to agree on price and output decisions. (3 ) Each firm will act independently from their competitors since they cannot take into account how their numerous competitors will react to changes in their behavior.


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