A Price Searcher Confronts a Downward Sloping Demand Curve Because

question 133

Multiple Choice

A price searcher confronts a downward sloping demand curve because

• A) products in the market are differentiated.
• B) there is no close competitor in the market.
• C) the market is essentially monopolized.
• D) the firm gains nothing if it lowers its price.

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Definitions:

Equal Protection Clause

A provision in the Fourteenth Amendment to the U.S. Constitution prohibiting states from denying any person within its jurisdiction the equal protection of the laws.

Emancipation Proclamation

An executive order issued by President Abraham Lincoln in 1863 that declared the freedom of all slaves in Confederate-held territory during the American Civil War.

Abraham Lincoln

A 16th President of the United States who led the country through its Civil War and helped to abolish slavery.

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and forced to perform labor or services.