A demand curve shows
A) the willingness of consumers to substitute one product for another product.
B) the relationship between the price of a product and the total benefit consumers receive from the product.
C) the willingness of consumers to buy a product at different prices.
D) the relationship between the price of a product and the demand for the product.
C
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A change in input prices will change the location of the firm’s budget line.
Answer the following statement true (T) or false (F)
Which of the following is not an argument favoring tariffs? a. They help infant industries grow
b. They increase consumer surplus for domestic consumers. c. They reduce domestic unemployment. d. They are necessary for national security reasons.
A consumer is likely to ________ his opportunity costs when ________.
A. overvalue; they are right in front of him B. undervalue; they are obvious C. undervalue; they are not right in front of him D. overvalue; they are not obvious
Use the following graph for a monopolistically competitive firm to answer the next question. 
This monopolistically competitive firm is earning economic profits in the short run and
A. will continue to have economic profits in the long run. B. this will cause its demand curve to shift to the right in the long run. C. will earn only normal profits in the long run. D. this will cause its cost curves to rise in the long run.