In a Competitive Market,if Buyers Did Not Know All the Prices

question 56

Multiple Choice

In a competitive market,if buyers did not know all the prices charged by the many firms,

• A) all firms still face horizontal demand curves.
• B) firms sell a differentiated product.
• C) demand curves can be downward sloping for some or all firms.
• D) the number of firms will most likely decrease.

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Definitions:

Conditioned

The learning process in which a response becomes associated with a previously unrelated stimulus.

Observing

The act of noticing or perceiving something and registering it as being significant.

Cognitive Psychology

A branch of psychology that studies mental processes including perception, thinking, memory, and judgment.

Children

Young human beings who are not yet adults, often considered to be in the developmental stage of life before puberty.