Refer to Exhibit 3-4. If this is a competitive market, price and quantity will g

Question

Refer to Exhibit 3-4. If this is a competitive market, price and quantity will gravitate toward $2 and 15 units, respectively. $4 and 15 units, respectively. $6 and 10 units, respectively, d. $6 and 20 units, respectively. Refer to Exhibit 3-4. A price of $2 in the market will result in a shortage of 5 units. shortage of 10 units. surplus of 10 units. surplus of 5 units. If goods A and B have a cross elasticity of demand that is positive, this is evidence that goods A and B are goods. complementary substitute normal inferior Refer to Exhibit 26-3. The Herfindahl Index for this industry is currently 1,980. 996. 1,062. 10,000. 1,800.

Explanation / Answer

27. Positive cross price elasticity shows that the products are substitute of each other. That is they can easily be replaced by one another.

28.

A 8 64 B 11 121 C 3 9 D 8 64 E 10 100 F 19 361 G 6 36 H 6 36 I 14 196 J 5 25 K 5 25 L 5 25 1062

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