Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. This would cause the ________ labor to pick citrus fruit in Florida to ________
A) supply of; decrease B) demand for; decrease
C) supply of; increase D) demand for; increase
B
You might also like to view...
If you earn income now and expect to live off savings in the future, then a raise now will cause you to save more so long as consumption -- now and in the future -- is a normal good.
Answer the following statement true (T) or false (F)
Lisa decided to give up being on the soccer team for piano lessons. Her opportunity cost of pursuing piano lessons is
A) zero, as long as someone other than Lisa pays for the lessons. B) zero, as long as someone other than Lisa paid for her soccer fees and equipment. C) the satisfaction Lisa had enjoyed by being on the soccer team. D) the satisfaction Lisa enjoys by studying the piano. E) both A and B above.
A firm is concerned about the possibility of patent infringement and has hired an attorney to review patents. If the attorney is reviewing 100 patents and the marginal cost of reviewing the 100th patent is $30 and the expected marginal benefit of reviewing the 100th patent is $25, which of the following is true?
A) The firm's total cost of infringement will increase if the number of patents reviewed decreases. B) The firm's total cost of infringement will decrease if the number of patents reviewed decreases. C) The firm is minimizing the total cost of infringement. D) The firm's total cost of infringement will decrease if the number of patents reviewed increases.
Discuss and explain the relationships between the monopolist's demand curve, average revenue curve, and marginal revenue curve
What will be an ideal response?