If the price of an input increases, each individual firm's ________ shifts upward and the ________ shifts to the left.
A. marginal cost curve; industry supply curve
B. demand curve; industry supply curve
C. marginal revenue curve; marginal cost curve
D. supply curve; marginal cost curve
Answer: A
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Most economists feel that overly strict financial regulation from 2000 to 2006 contributed to the financial crisis of 2007-2009
a. True b. False Indicate whether the statement is true or false
The two key objectives of the Fed are:
A) low and predictable levels of inflation, and interest rates above 10%. B) zero inflation, and zero unemployment. C) low and predictable levels of inflation, and maximum levels of employment. D) low and predictable levels of inflation, and zero unemployment.
Refer to Table 1-3. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
Perfect price discrimination occurs when:
a. each customer is charged the maximum price that each is willing and able to pay. b. two classes of customers are charged different prices as they have the same elasticities of demand. c. senior citizens are offered restaurant discounts. d. the firm sets MR < MC for each class of customers. e. the firm charges same price to different customers so that it is equal to the equilibrium price.