Which of the following statement(s) most likely describes the outcome of a change in price?
a. A change in the price of a good never causes the demand curve for that good to shift.
b. A change in the price of a good never causes the demand or supply curve for that good to shift.
c. A change in the price of a good never causes the supply curve for that good to shift.
d. A change in the price of a good causes the demand and supply curves for that good to shift.
b. A change in the price of a good never causes the demand or supply curve for that good to shift.
A change in the price of a good never causes the demand or supply curve for that good to shift.
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Which of the following statements is TRUE?
A) An increase in the price of gasoline will decrease the demand for gasoline. B) An increase in the price of gasoline will increase the quantity demanded of gasoline. C) An increase in the price of gasoline will increase the supply of gasoline. D) An increase in the price of gasoline will increase the quantity supplied of gasoline.
The demand for factor inputs:
A. depends upon the markets for the goods that they are used to produce. B. is referred to as imputed demand. C. is independent of how much they contribute to the value of the end product. D. is generally constant across most factor markets.
Nominal values are
A. based on inflation-adjustments. B. based on Gross Domestic Product (GDP) per capita. C. measured in terms of actual market prices at which the goods are sold. D. measured in terms of total purchasing power.
For a perfectly competitive firm, which of the following is NOT true?
A. The total revenue curve is horizontal. B. The total revenue curve begins at the origin and slopes upward as output increases. C. The slope of the total revenue curve is equal to the product price. D. The average revenue curve, the demand and the marginal revenue curves are identical.