Classify the following markets as: 1. Perfectly Competitive 2. Monopolistic 3. Monopolistically Competitive a. Video b. rentals c. Tomatoes d. Iron e. Smart phones f. Telecommunications

If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q = 10, compare the quantity demanded and the quantity supplied when the price is $90. quantity demanded pairs of shoes quantity supplied pairs of shoes will there be a surplus or shortfall at this price? there will be a surplus. there will be a shortfall.

In microeconomics, the point at which supply and demand meet is called the blank price

Which of the following describes a situation in which there would be decreasing marginal utility? a. buying only necessities. b. buying a car to substitute for riding the bus. c. buying food in bulk to save money in the long run. d. buying a second winter coat.