Refer to the Table

question 189

Multiple Choice

Refer to the table. The resource demand data indicate that the firm is

• A)buying its resource in an imperfectly competitive market.
• B)buying its resource in a perfectly competitive market.
• C)selling its product in a perfectly competitive market.
• D)selling its product in an imperfectly competitive market.

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Definitions:

Excess Supply

When the quantity supplied of a good exceeds the quantity demanded.

Excess Demand

When the quantity demanded of a good exceeds the quantity supplied.

Utilities Possibilities Frontier

A graphical representation that shows the maximum amount of two different utilities that can be achieved with a given set of resources.

Unattainable

Refers to goals, objectives, or levels of production that cannot be achieved with the current availability of resources or technology.