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C
C. Matching Exercise Information. You are given the following lists of statements and concepts: Statements Concepts 1. Quantity demand exceeds quantity supplied a. Unit elasticity of demand 2. The product of price and quantity b. Competitive market 3. The value of the next best alternative c. Revenue 4. When price rises, revenue is unchanged d. Opportunity cost 5. A market with many sellers and many buyers e. Excess demand
Expert Solution
Correct answers are as follows :
1-e = This is when the demand is very high vs the supply this will be called excess demand
2-c = Revenue is the multiple of (quantity sold * Price per qty)
3-d = Opportunity cost is the next best alternative forgone in making a decision
4. -a = When the price elasticity of demand coefficient is –1, demand is said to be unit elastic,
5-b = In perfect competitive market , there are a large number of potential buyers and sellers and the products offered by the sellers are virtually identical and sellers have no market- pricing power.
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