What are the five most important variables that shift the market supply curve?
What will be an ideal response?
Prices of inputs; Technological change; Prices of substitutes in production; The number of firms in the market; Expected future prices
You might also like to view...
When government spending exceeds government revenues during a given period of time
A) the national debt must be decreasing. B) a budget surplus exists. C) Congress is obliged to raise taxes. D) a budget deficit exists.
Import tariffs are ___________ on imports, and import quotas are ____________ on imports.
a. subsidies; taxes b. limits; subsidies c. taxes; limits d. limits; taxes
A perfectly competitive firm faces a horizontal demand curve because it is
A. a large firm in a small industry. B. one of few firms in the market. C. a price taker. D. a price maker.
Suppose a monopoly's inverse demand curve is P = 100 - Q, it produces a product with a constant marginal cost of 20, and it has no fixed costs. Compared to the consumer surplus if the market were perfectly competitive, consumer surplus is how much less when the monopolist practices perfect price discrimination?
A) 3200 B) 1600 C) 800 D) 0