Suppose the cost of raw materials used by the cotton industry rises to a larger extent compared to the increase in demand in the market. Which of the following situations will arise?
a. The incidence of the higher cost will fall completely on the consumers.
b. The incidence of the higher cost will fall completely on the high cost firms.
c. The incidence of the higher cost will fall completely on the low cost firms.
d. The incidence of the higher cost will fall partially on the consumers and partially on the sellers.
Question 2
An individual firm in perfect competition can exercise a significant control over the market price of the good.
a. True
b. False
Indicate whether the statement is true or false
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Cotton Production and Slave Population, 1800–1860
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