Refer to the above graph, which shows the market for beef where demand shifted from D 1 and D 2. The change in equilibrium from E1 to E 2 is most likely to result from:
A decrease in consumer incomes
An increase in the price of pork
A decrease in the tax on beef products
An increase in the cost of cattle feed
A decrease in consumer incomes
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Any point on a graph represents a combination of particular values of two variables
a. True b. False
The social cost of production equals
A. the external cost minus the private benefit. B. the external cost minus the external benefit. C. the private cost plus the external cost. D. the social cost plus the private cost.
International dumping occurs when:
a. monopolistic firms charge the same price in domestic and foreign markets. b. monopolistic firms charge a higher price in the domestic market and a lower price in the foreign market. c. monopolistic firms charge a lower price in the domestic market and a higher price in the foreign market. d. domestic monopolistic firms relocate operations abroad.
Which of the following is TRUE of a perfectly competitive firm and a monopoly in the long run?
A) P = MC B) P = ATC C) MR = MC D) P = MR