Figure 10.1 depicts a firm's marginal revenue product curve. If the product price decreases, the marginal revenue product curve:
A. shifts downward.
B. shifts upward.
C. remains the same.
D. None of these
Answer: A
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Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to increase from point a to point b?
A. a tax on wheat production B. an increase in the price of wheat C. a decrease in the price of wheat D. a subsidy for wheat production
Refer to the above figure. A shortage will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 3.
Stocks and bonds are considered to be highly illiquid assets while real estate is considered to be a liquid asset
a. True b. False Indicate whether the statement is true or false
If the price elasticity of demand for good A is -2, then a 1% increase in
A) consumer income will result in a 2% decrease in the demand for good A. B) consumer income will result in a 2% increase in the demand for good A. C) the market price of good A will result in a 2% increase in the quantity demanded of good A. D) the market price of good A will result in a 2% decrease in the quantity demanded of good A.