Last year there were 6 pizza shops in town. This year there are only 4. Other things being equal, the decrease in the number of suppliers will
A) cause the market supply curve to shift to the right.
B) increase the market demand for pizza.
C) cause a decrease in the quantity supplied at each price.
D) have no impact on market supply as long as the demand for pizza remains strong.
C
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Indicate whether the statement is true or false
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a. Two years b. Ten years c. Six years d. One year e. Five years
Assume the firm is a profit-maximizing monopoly. Using the data in the graph, calculate the firm's total profit.
Suppose Ethan and Ava work in a farm that grows apples and oranges of the same size. In one hour, Ethan can pick 8 pounds of apples or 1 pound of oranges. Ava can pick 6 pounds of apples or 1 pound of oranges. It can be concluded that
A) Ava has a comparative advantage in picking apples. B) Ava has an absolute advantage in picking apples. C) Ethan has a comparative advantage in picking apples. D) Ethan has an absolute advantage in picking oranges.