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| 9.Assume that the market for paper supplies and the market for toothpicks have the following characteristics: The Market for Paper Supplies is comprised of:·A large number of independent sellers ·Differentiated products ·Low barriers to entry/exit The Market for Toothpicks is comprised of: ·A large number of independent sellers ·Homogeneous products ·No barriers to entry/exit The Papyrus Company operates in the market for paper supplies and Wudden Floss operates in the toothpick market. The sales managers for both companies want to know how a change in price will affect the quantity sold. Which of the following choices best completes the following sentence? If both firms increase prices, the quantity sold by Papyrus Company will: A:A:decrease, and Wudden Floss will sell nothing B:B:increase, and the quantity sold by Wudden Floss will decrease C:C:decrease, and so will the quantity sold by Wudden Floss. |
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