An increase in the price of a good will（）
A. increase demand
B. decrease demand
C. increase quantity demanded
D. decrease quantity demanded
A monopoly is a market with one（）
A. seller, and that seller is a price taker
B. seller, and that seller sets the price
C. buyer, and that buyer is a price taker
D. buyer, and that buyer sets the price
Which of the following would most likely serve as an example of a monopoly（）
A. a restaurant in a large city
B. a dry cleaners in a large city
C. a local gas station
D. a local electrical company
“Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.” This relationship between price and quantity deman
A. equilibrium
B. the law of demand
C. the relationship between supply and demand
D. the definition of an inferior good
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