ECON CHAPTER 3 Flashcards
Study with Quizlet and memorize flashcards containing terms like Which of the following is true of a competitive market? a. The rules of supply and demand do not apply to it. b. Buyers and sellers have little market power. c. Each buyer''s or seller''s effect on market price is substantial. d. Few sellers offer similar products., The law of demand refers to the: a. decrease in price that results ...