A market with many sellers offering similar but slightly different products is called

a. a monopoly.

b. an oligopoly

c. monopolistically competitive.

d. perfectly competitive

If a 36 percent increase in price causes a 12percent decrease in quantity demanded, the product in question might

a. have close substitutes.

b. be part of a narrowly defined market.

c. be in a long time horizon.

d. be a necessity.

TRUE or False?

Normally sport stadiums have a vertical supply curve.

According to Adam Smith, allocation of resources is done through what mechanism?Correct answer

Which good would you expect to have more elastic demand and why?

A concert ticket to see Thandiswa Mazwai perform live in concert or a ticket to see Beyonc perform live in concert. (3 Marks)