If the average price of a car suddenly changes from $20,000 to $15,000, larger, more remote stores with lower prices are ________ to have a(n) ________ in the number of customers.
A) likely; increase
B) not likely; change
C) not likely; increase
D) likely; decrease
A) likely; increase
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Refer to Table 2-7. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas
If the actual price were below the equilibrium price in the market for bread, a:
A) surplus would develop that cannot be eliminated over time. B) shortage would develop, which market forces would eliminate over time. C) surplus would develop, which market forces would eliminate over time. D) shortage would develop, which market forces would tend to exacerbate.
A monopolistically competitive firm's demand curve slopes downward because:
a. new firms are free to enter the market. b. there are a large number of firms in the market. c. a differentiated product gives the firm some monopoly power. d. the firm has complete information about the market. e. the firm sells a standardized product.
Technology is a demand shifter.
a. true b. false