As additional firms enter an industry, the market supply curve
A. shifts to the left.
B. shifts to the right.
C. remains the same.
D. none of the statements associated with this question are correct.
Answer: B
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In a perfectly competitive market, the equilibrium price
a. is determined by all the buyers in the market but no single buyer is able to influence it b. is determined by all the sellers in the market but no single seller is able to influence it c. adjusts until the quantity supplied by all sellers is equal to the quantity demanded by all buyers d. is not influenced by the cost structure of the firms in the market e. is not influenced by the preferences of the consumers in the market
H1: âj
0, where âj is a regression coefficient associated with an explanatory variable, represents a one-sided alternative hypothesis.
Answer the following statement true (T) or false (F)
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
The break-even level out output occurs for a business when
A) Marginal cost equals marginal revenue. B) Average revenue equals marginal revenue. C) Marginal revenue equals average total cost. D) Average revenue equals average variable cost.