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D Question 14 3 pts D Question 18 3 pts One of the fundamental causes of Perfectly Competitive markets is that An increase in demand will cause there are more sellers than buyers, giving the sellers market power. O the demand curve to shift to the left, the price to decrease, and the quantity to decrease accounting profits become zero because of price wars. the demand curve to shift to the right, the price to increase, and the quantity to increase there are so many buyers and sellers that each has no impact on the market price and the market output the demand curve to shift to the left, the price to decrease, and the quantity to increase the demand curve to shift to the right, the price to increase, and the quantity to decrease there are more buyers than sellers, giving the buyers market power. D Question 19 3 pts D Question 15 3 pts If there is an increase in supply, In both perfect competition and monopolistic competition, each firm O the supply curve will shift to the right causing the price to decrease. O sells a product that is at least slightly different from those of other firms. upward slopin has some monopoly power. O the supply curve will shift to the left causing the price to decrease is likely to advertise. there will be a movement along the supply curve has many competitors. D Question 20 D Question 16 3 pts 3 pts Assuming orange juice and Sunny Delight are substitutes, a lower price for Sunny Delight The law of demand states that, other things equal: would result in a(n) consumers will buy more of a product at high prices than at low prices. O decrease in demand for orange juice causing the quantity to decrease and the price to decrease. the larger the number of buyers in a market, the lower will be product price. increase in demand for orange juice causing the quantity to decrease and the price to increase. price and quantity demanded are inversely related (move in opposite directions). None of the above price and quantity demanded are directly related (move in the same direction) increase in supply of Sunny Delight causing the quantity to increase and the price to decrease D Question 17 D Question 21 3 pts 3 pts A drought in California causes a major decrease in the amount of almonds that are harvested. If there is currently a surplus of a product in a market, the price of the product As a result of the drought, the price of almonds will O will rise in the near future. increase and the price of almond milk will increase. O is in equilibrium. O decrease and the price of almond milk will decrease. is above the equilibrium level. O decrease and the price of almond milk will increase. is below the equilibrium level. increase, and the price of almond milk will decrease