If the Quantities in the Demand Schedule in the Table

question 90

Multiple Choice

If the quantities in the demand schedule in the table above were reduced by 2 units at each price,you would conclude that

• A)demand increased.
• B)demand decreased.
• C)the demand curve shifted to the right.
• D)both demand increased and the demand curve shifted to the right.

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Definitions:

Monopoly

A market structure characterized by a single seller dominating the market, often resulting in limited competition and higher prices for consumers.

Patent

A legal document granting an inventor exclusive rights to produce, use, and sell their invention for a certain period of time.

Exclusive Right

A legal provision that allows only the holder to perform a specific activity or use a particular property.