If a price-taking firm selling in a competitive market raises the price of its product above the market-clearing price, it will:
a. increase its profits.
b. maintain its profit base since the demand for the product is inelastic.
c. be able to increase its sales.
d. not be able to sell any output.
Question 2
Which of the following results from the market system of resource allocation?
a. Equitable distribution of resources
b. High opportunity cost of production
c. Excess supply of goods and services resulting in decreased profits
d. Unequal distribution of income and wealth
e. Allocation of the goods and services to those who need them the most
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