Starting from a pure exchange equilibrium, an increase in the ...

[09madisonrousseau09]

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

[bdobbins]

Answer to Question 1

B

Answer to Question 2

e