In perfect competition, if one firm raises its price,
a. others will follow
b. that firm will increase its revenues
c. that firm will lose revenues because other firms will not follow
d. all consumers will be adversely affected
e. the market demand curve will shift
Question 2
Jewelers are willing to hold large inventories of diamonds
a. because the demand for diamonds is large and growing
b. because that minimizes the fixed cost of producing diamond jewelry
c. because, given monopoly control of the market for diamonds, they are confident that the price of diamonds will not plummet rapidly
d. because, given monopoly control of the market for diamonds, they are confident that the price of diamonds will rise rapidly
e. because that is what their customers expect them to do
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