Which of the following accurately describes the change in equilibrium points in this graph?
a. Q2 and P2 change to Q1 and P1.
b. Q1 and P1 change to Q2 and P2.
c. Q2 and P1 change to Q1 and P2.
d. Q1 and P2 change to Q2 and P1.
b. Q1 and P1 change to Q2 and P2.
You might also like to view...
At the Punjab Bakery, two workers can decorate 14 cakes in an hour and three workers can decorate 18 cakes in an hour. The marginal product of the third worker is
A) 18 cakes, and the average product for three workers is 6 cakes. B) 9 cakes and is equal to the average product. C) 4 cakes, and the average product for three workers is 6 cakes. D) 32 cakes, and the average product for three workers is 9 cakes. E) 6 cakes, and the average product for three workers is also 6 cakes.
A theory is a(n)
a. answer to a problem. b. way to explain the result an economist wants. c. tool to help determine the answer to a problem. d. a graph.
When a business advertises that its product has unique features that make it superior to other similar products, it is engaging in
A. Price competition. B. Product differentiation. C. Predatory pricing. D. Contestable market advertising.
An increase in demand for Blu-ray disc players occurs. Which of the following statements is TRUE for individual firms that produce Blu-ray disc players?
A) The price of Blu-ray disc players will decrease leading to an increase in the demand for labor by the firm. B) The price of Blu-ray disc players will increase leading to an increase in the demand for labor by the firm. C) The price of Blu-ray disc players will increase leading to a decrease in demand by customers leading to a decrease in the demand for labor by the firm. D) A change in demand at the industry level does not influence an individual firm's demand curve for labor.