The law of supply states that other things remaining the same, a decrease in the price of a kayak leads to
A) a decrease in the supply of kayaks.
B) a decrease in the quantity of kayaks supplied.
C) an increase in the supply of kayaks.
D) an increase in the quantity of kayaks supplied.
E) an increase in the supply of kayaks and a decrease in the quantity of kayaks supplied.
B
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Public utilities are often referred to as
a. supernatural monopolies. b. oligopolistic monopolies. c. natural monopolies. d. competitive monopolies.
Structural unemployment is frequently caused by:
a. technological changes that make certain job skills obsolete. b. temporary layoffs in industries such as construction. c. the impact of recessions on employment. d. none of these.
Owning a patent can provide a firm with monopolistic power
a. True b. False Indicate whether the statement is true or false
A positive income elasticity of demand coefficient indicates that:
A. two products are complementary goods. B. two products are substitute goods. C. a product is a normal good. D. a product is an inferior good.