A consumer's switch to another similar good when the price of the preferred good increases is termed the:
a. income effect
b. substitution effect.
c. utility effect.
d. marginal effect.
b
Economics
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A firm’s fixed cost
A. does not vary with output. B. does not change between the short run and the long run. C. is generally a higher percentage of its total cost at high output quantities than at low output quantities. D. All of the above are true.
Economics
Figure 5.4In Figure 5.4, supply elasticity is infinite in graph:
A. A. B. B. C. C. D. D.
Economics
Which of the following is an example of implicit collusion?
A) price leadership B) a retaliation strategy C) a second-price auction D) product differentiation
Economics
A demand curve will shift out for any of the following reasons except
a. preference for a good increases. b. price of a substitute falls. c. income rises. d. price of a complement falls.
Economics