객관식
In a competitive market, a very large number of small sellers who sell identical products imply which of the following market characteristics?
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3. The Market Forces of Supply and Demand
Competitive Markets
객관식
If new manufacturers enter the computer industry, what is the most likely effect on the market equilibrium in a competitive market?
A
The demand for computers increases, causing the equilibrium price to rise.
B
The supply of computers increases, leading to a lower equilibrium price.
C
The demand for computers decreases, causing the equilibrium price to fall.
D
The supply of computers decreases, resulting in a higher equilibrium price.
검증된 단계별 안내1
Step 1: Understand the market structure described, which is a competitive market where many manufacturers produce similar products, such as computers.
Step 2: Recognize that when new manufacturers enter the industry, the total quantity of computers supplied at each price increases. This means the supply curve shifts to the right.
Step 3: Recall the law of supply and demand: an increase in supply, with demand held constant, leads to a surplus at the original price.
Step 4: To eliminate the surplus, the market price will adjust downward, moving toward a new equilibrium where quantity demanded equals quantity supplied.
Step 5: Conclude that the entry of new manufacturers increases supply, which lowers the equilibrium price and increases the equilibrium quantity in the market.
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