Until 2007, the price of sport utility vehicles (SUVs) rose and each year more were purchased. This experience suggests that
A) there must have been technological advances in the way SUVs are produced.
B) the law of demand does not hold true in this market.
C) there must have movement leftward along the supply curve for SUVs.
D) there must have been a rightward shift of the demand curve for SUVs.
Question 2
Price in a perfectly competitive market:
A) is affected by government policies.
B) is determined by the dominant competitor.
C) is affected by the combined decision of all sellers.
D) is determined by buyers alone.
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