Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. an increase in quantity supplied of laptops.
B. a decrease in quantity supplied of laptops.
C. a decrease in supply of laptops.
D. an increase in supply of laptops.
Answer: D
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Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm?OutputTotal RevenueTotal Cost1$4$228331264161052015
A. 2 units B. 3 units C. 4 units D. 5 units
Which of the following could lead to a rightward shift of the demand curve for a good?
a. a decrease in the price of a substitute good b. an increase in the price of a complementary good c. a decrease in the price of the good, assuming it is a normal good d. an increase in the price of the good, assuming it is an inferior good e. expectations that the price of the good will rise in the future
An oligopoly will maximize profits where price equals marginal cost, just like a perfectly competitive firm.
Answer the following statement true (T) or false (F)
When there is a surplus of a product in an unregulated market, there is a tendency for
A. quantity supplied to decrease. B. price to fall. C. price to rise. D. quantity demanded to increase.