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Which of these best describes the influence of high prices on the behavior of producers?

A. High prices are an incentive for producers to produce less.

B. High prices are an incentive for producers to produce more.

C. High prices have no significant influence on the behavior of producers.

D. High prices influence producers to use fewer raw materials and less labor.

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Divya Singh
Divya SinghLv10
10 Oct 2020

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1. How is a monopolistically competitive market similar to a perfectly competitive market?

A. There are no restrictions on the entry of new firms.

B. Both have differentiated products with close substitutes.

C. Producers with market power set their own prices.

D. Both have homogeneous products with no close substitutes.

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2. Which of the following common features do monopolistically competitive markets, and monopolies share?

A. Barriers restrict new firms from entering.

B. Firms face downward-sloping demand curves.

C. Consumers with market power set prices.

D. Producers with no market power set their own prices.

Which of the following best describes the kinds of decisions that result from using cost-benefit analysis?
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D. A high sale price for producers and low buying price for consumers.

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