Shift to the left or right for supply: number of sellers increases
What will be an ideal response?
right
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The table above shows the demand and costs for a single-price monopolist. The firm can maximize its profit by setting its price at
A) $30 per unit. B) $35 per unit. C) $40 per unit. D) $45 per unit.
Economists define an aggregate as
a. a concrete object. b. a specific principle. c. a representative good or service. d. a useful abstraction. e. something immeasurable.
Monopoly profit is not a social problem because
a. the size of the economic pie grows when monopoly profits increase. b. producers are more efficient than consumers. c. the profit represents a transfer from the consumer to the producer with no loss in total surplus. d. None of the above are correct.
The marginal revenue product of labor curve will always shift to the left if
A. the price of capital falls. B. product demand decreases and product price decreases. C. the wage rate falls. D. product demand increases and product price increases.