An Increase in Product Price Will Cause

question 336

Multiple Choice

An increase in product price will cause

• A) quantity demanded to decrease.
• B) quantity supplied to decrease.
• C) quantity demanded to increase.
• D) the supply curve to shift to the left.

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Definitions:

Monopoly Power

The ability of a single seller or firm to control the market price and output of a good or service, due to lack of competition.

United States

A country located in North America, consisting of 50 states and known for its significant influence on global culture, economy, and politics.

Antitrust Policy

Legislative and regulatory efforts undertaken by the government to prevent oligopolistic industries from becoming or behaving like monopolies.

Monopoly Power

The ability of a business to control market prices and total market output due to the lack of competition.