Starting from a pure exchange equilibrium, an increase in the demand for a commodity will result in:
a. a fall in the market price.
b. a rise in the market price.
c. a rise in the equilibrium output.
d. a fall in the equilibrium output.
Question 2
Identify the characteristics of a monopoly firm.
a. The existence of barriers to entry and production of a homogeneous product
b. The production of a unique product and a large number of sellers in the market
c. The production of a standardized product and the firm is a price taker
d. The existence of barriers to entry and the firm is a price taker
e. The existence of barriers to entry and the firm is a price maker
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