Answer:
B
Explanation:
That's the only one that is fair
Consumer income has no correlation with the equilibrium price of a product. Thus the price will c. Not change
Explanation:
When the consumer income increases, they will be able to buy a product more if they require it and if they do not require it they are able to spend that money or save it up as they please to.
As equilibrium price of a product is completely dependent upon supply and demand correlation.
The income of the consumer has little to do with it unless a relation between increased income and increased demand is established, there is little evidence to show that there will be a fluctuation in the prices of the grass seed in this case.
Answer:
D. perfect competition
Explanation:
Perfects competition is a theoretical market structure where competition among firms is at the highest level possible. It is also known as pure competition. Due to the high level of competition, there are no dominant firms. Each firm will have a small proportion of the market share. Other characteristics of a pure competition market include,
1. All firms sell a homogeneous or identical products
2. There are barriers to entry or exiting in the market
3. All firms are price taker; no single entity can influence the prices
4. There many very firms and seller in the markets
5. Buyers have sufficient knowledge about the sellers and the market.
