Consumers value the product-specific services for a new smartphone at $25 and the marginal cost to the retailers for providing the product-specific services is $20. If the retailers provide the product-specific services, which of the following is true?
A) The shift in the market demand will equal the shift in the market supply.
B) The shift in the market demand will exceed the shift in the market supply.
C) The shift in the market supply will be exactly double the shift in the market demand.
D) The shift in the market supply will exceed the shift in the market demand.
B) The shift in the market demand will exceed the shift in the market supply.
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In 2014, what percent of the population lived under the official poverty line in the United States?
A. 11.3 percent, down from a near all-time high of 14.8 percent in 2000. B. 14.8 percent, higher than a near all-time low of 3.11 percent in 2000. C. 14.8 percent, higher than a near all-time low of 11.3 percent in 2000. D. 11.3 percent, down from a near all-time high of 25 percent in 2000.
The quantity which a firm will supply in the short run
a. can be read from its average cost curve. b. can be read from its average variable cost curve. c. can be read from the firm's marginal cost curve above average variable cost. d. is always zero above minimum average variable cost.
In 2010, which of the following was true regarding the extremely large deficits that the United States recently encountered?
A. Most politicians and economists argued that the deficit had to be reduced. B. Most politicians argued that the deficit had to be reduced but economists cautioned against this course of action. C. Most economists argued that the deficit had to be reduced but politicians cautioned against this course of action. D. Both politicians and economist cautioned against deficit reduction.