Answer to Question #132902 in Microeconomics for Oliver

Question

Which of the following does not affect an individual’s supply curve?
1. Changes of input prices.
2. Technological innovations

3. Expectations
4. The number of seller


Suppose the market for cement is such that the government does not interfere in price determination but plays an important role in the provision of property rights. While there are a large number of buyers and sellers, everyone conducts transactions at a common market price. Which of the following statements is true about the structure of the cement market? (can be more than one answer)

1. The cement market is government regulated.
2. The cement market is free and competitive.

3. All participants in the cement market are price makers.
4. All transactions in the cement market are likely to be involuntary.

Answer 1

a)4). The number of sellers does not affect an individual’s supply curve.

b). The following statements is true about the structure of the cement market;

1. The cement market is government regulated.

4. All transactions in the cement market are likely to be involuntary