A rightward shift of the supply curve is called a(n)
a) increase in supply
b) decrease in supply
c) decrease in quantity supplied
d) increase in quantity supplied
Ans: a) increase in supply
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In comparing an oligopolistic firm to a perfectly competitive firm it is generally assumed that the price charged by the competitive firm will be higher than the price charged by the oligopolistic firm
Indicate whether the statement is true or false
What is one reason activists might lobby the government for regulation limiting the production of a product to less than would normally be in a perfectly competitive market?
A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.
Economics is most precisely defined as
A) a study of what people need to survive. B) a study of how culture evolves in different geographic areas. C) the same as the study of finance and management. D) the study of how people make choices.
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans and Tony's opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn
a. True b. False Indicate whether the statement is true or false