If a technological advance makes it possible to produce computers at a lower cost
A) the demand for computers decreases. B) the demand for computers increases.
C) the supply of computers increases. D) the supply of computers decreases.
C
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Whenever marginal cost is positive, average cost curves are upward sloping.
Answer the following statement true (T) or false (F)
Political competition between candidates, especially attempts to paint one's opponent as being extreme, shows that _____
a. the way to be a successful politician is to fight dirty b. cyclical majorities will never exist c. there is an opportunity for third parties d. politicians implicitly accept the validity of the median voter model
The Soviet government in the 1980's never abandoned the ruble as the official currency. However, the people of Moscow preferred to accept
a. cigarettes in exchange for goods and services, because they were convinced that cigarettes were going to soon become hard to come by. b. American dollars in exchange for goods and services, because rubles were extremely hard to come by. c. goods such as cigarettes or American dollars in exchange for goods and services, reminding us of the fact that government decree by itself is not sufficient for the success of a commodity money. d. All of the above are correct.
Which of the following factors will decrease the current demand for a product?
A. An expected increase in the future price of the product B. A decrease in the current price of a substitute product C. A decrease in the current price of a complementary product D. An increase in the current price of a substitute product