Which of the following will shift the short-run industry supply curve of a perfectly competitive industry?
A. an increase in demand for the product
B. an increase in consumer income
C. an increase in the price of the product
D. a decrease in the price of an input
Answer: D
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Obama was suggesting that a job would be lost if the T-shirt were cheaper because
A. there would be no international trade. B. firms making dress shirts would go out of business. C. it would require the U.S. government to impose tariffs. D. the firm producing the shirt would go out of business. E. it would be produced in another country.
The demand curve facing a firm is also the firm’s
A. total utility curve. B. average revenue curve. C. average utility curve. D. total revenue curve.
The flatter the slope of the supply curve the lower will be the price elasticity of supply
Indicate whether the statement is true or false
All of the following are components of aggregate demand EXCEPT
A. net foreign spending on domestic production. B. the level of technology. C. consumption spending. D. government purchases.