If there are only a few producers of substitutes for Good X, a merger between producers of Good X and any one of them could significantly _____ for Good X.
a. decrease the elasticity of demand.
b. increase the elasticity of supply.
c. decrease the elasticity of supply.
d. increase the elasticity of demand.
Question 2
Why do the perfectly competitive firms earn only normal profits in the long run?
a. Entry or exit is barred
b. Firms produce identical products
c. A large number of buyers and sellers exist in the market
d. Aggregate demand remains constant
e. There is free entry and exit of firms
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