When the Number of Competitors in a Market Falls

question 65

Multiple Choice

When the number of competitors in a market falls:

• A) the demand curve shifts to the left.
• B) the elasticity of demand is likely to increase.
• C) the price level is likely to increase.
• D) the quantity of output supplied to the market increases.

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Definitions:

Adaptability

The ability to adjust to new conditions, changes, or environments effectively.

Cohesion

The act of forming a united whole, often used to describe the sense of unity and togetherness within a group or team.

Communication

The act of exchanging information, ideas, or feelings between two or more entities, through various channels and means.