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:

Electronic Impulses

Electrical signals that are transmitted for communication between various components of an electronic or biological system.

Adding Machine

A mechanical or electronic device used for calculating sums, primarily used for accounting or bookkeeping purposes.

Photocopier

A machine used to make copies of documents and images.

Durable Items

Products or goods made to withstand use over time without significant deterioration or wear.