For which of the following is demand likely to be the most price elastic?

A normal goods is 

Which of the following pairs of characteristics would be consistent with imperfect competition?

Market failure occurs

Because the demand curve for a monopolist is downward sloping,

In a firm’s planning horizon, the long run refers to

Suppose that in the short run, price is greater than the average total cost (ATC) of production in a perfectly competitive market. What will happen to this market in the long run?

A price taker is a firm that

As new firms enter a monopolistically competitive industry, it can be expected that

If a cartel is formed in order to maximize the total profits of its members, it will