Which of the following would shift the supply curve for MP3 players to the right?
A) an increase in the price of a substitute in production
B) an increase in consumer income (assuming that all MP3 players are normal goods)
C) a decrease in the number of firms that produce MP3 players
D) a decrease in the price of an input used to produce MP3 players
Answer: D
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A firm practicing group price discrimination across two countries sets MR = common MC and therefore
A) price will be the same in both countries. B) price will be twice MR. C) profit will be the same in both countries. D) price will likely be different in each country.
An upward-sloping supply curve of Korean won in terms of Canadian dollars indicates that:
a. the higher the dollar price of Korean won, the more won will be demanded. b. the higher the dollar price of Korean won, the fewer won will be supplied. c. the lower the dollar price of Korean won, the more won will be demanded. d. the lower the dollar price of Korean won, the fewer won will be supplied. e. the Korean economy is stronger than the Canadian economy.
The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition
a. True b. False Indicate whether the statement is true or false
Producer surplus increases as the price of a good decreases.
Answer the following statement true (T) or false (F)