【題目】 ：If the market price is higher than the equilibrium price. 【 答案 】： a surplus exists and the market price will fall until it equals the equilibrium price and the surplus is eliminated.
題目：Suppose there are only two firms supplying in the market and they produce a homogeneous good. Two firms produce the good with the same constant marginal cost. Firms compete by setting price simultaneously . The equilibrium price of both firms must 答案：equal to the marginal cost. ...
題目：Suppose the demand for gourmet coffee can be represented by a linear demand curve. When income rises cause the demand curve for gourmet coffee shift to the right parallelly: 答案：becomes less elastic at the price that prevailed before the change in income
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