California is the sole producer of almonds in the United States. Suppose the price for a pound of almonds has increased during the past year. It is also predicted that almond prices will remain high. Over time, we predict that the
A) elasticity of supply will increase.
B) elasticity of supply will decrease.
C) elasticity of supply will remain constant.
D) elasticity of supply will increase and then decrease.
A
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In choosing between apartments in two different locations, the marginal commuting cost is given by:
A) the commuting cost from the apartment located closer to the destination. B) the sum of the commuting cost from each apartment to the destination. C) the commuting cost from the apartment located farther away from the destination. D) the difference between the commuting cost from two different apartments to the destination.
Computer memory chips are produced on wafers, each wafer having many separate chips that are separated and sold. The above table shows costs for a perfectly competitive producer of computer memory chips
If the market price of a wafer is $2,400 dollars, how many wafers will the firm produce? A) 0 B) 4 or 5 C) 3 or 4 D) 1 or 2 E) 6
Firms are able to price discriminate
A) when all customers are uninformed about quality differences. B) when no customers are uninformed about quality differences. C) when some customers are uninformed about quality differences. D) when there is full information about quality available to all customers.
A craft labor union is made up of
A) groups of workers in an individual trade. B) all the workers in a firm such as General Motors. C) firms that employ similar labor skills. D) an organization that controls the labor market in a particular industry.