Supply curves usually slope upward because producers face increasing opportunity costs when increasing output
a. True
b. False
A
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A vertical Phillips Curve is consistent with
A) a constant price level. B) constant velocity. C) an upward sloping aggregate supply curve. D) a vertical aggregate supply curve.
An oligopolistic firm that is deciding the price to charge, the output to produce, or the quality of product to offer, must consider
a. the regulatory price limits that are always present with oligopoly. b. the potential reactions of rivals in the market. c. the fact that per-unit costs will usually increase as the scale of production increases. d. that entry barriers into oligopolistic markets are low.
If Darby values a soccer ball at $50, and she pays $40 for it, her consumer surplus is $90
a. True b. False Indicate whether the statement is true or false
After accounting for externalities with a social cost curve, the new equilibrium would be such that equilibrium price is
A. higher than before and equilibrium quantity is higher than before. B. higher than before and equilibrium quantity is lower than before. C. lower than before and equilibrium quantity is lower than before. D. lower than before and equilibrium quantity is higher than before.