Question 9 (1 point) One important result from the heterodox position that busin
ID: 1153026 • Letter: Q
Question
Question 9 (1 point)
One important result from the heterodox position that businesses set their prices before production and sales occur is that…
Question 9 options:
A)
There is no such thing as a firm supply curve
B)
When quantity sold in the market decreases, the business will typically decrease prices
C)
When quantity sold in the market decreases, the business will typically increase prices
D)
Price and quantity supplied in the market are determined independently
E)
A and D
F)
All of the above
A)
There is no such thing as a firm supply curve
B)
When quantity sold in the market decreases, the business will typically decrease prices
C)
When quantity sold in the market decreases, the business will typically increase prices
D)
Price and quantity supplied in the market are determined independently
E)
A and D
F)
All of the above
Explanation / Answer
option d
Price and quantity supplied in the market are determined independently
The price a firm charge depends on the supply curve, which is determined by the cost of its production independently