In the long run, monopolistically competitive firms produce where
A) excess capacity exists.
B) the markup is equal to zero.
C) the demand curve has shifted so that it intersects the minimum average total cost point.
D) average total cost is minimized.
A
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Lattes at Starbucks are allocated to individuals in society through what type of method?
A) lottery B) contest C) sharing equally D) market price E) personal characteristics
A fall in the price of a good causes an increase in its:
a. quantity demanded. b. demand. c. quantity supplied. d. supply.
If marijuana were legalized, it is likely that there would be an increase in the supply of marijuana. Those in favor of legalizing marijuana argue that this would generate less revenue to illegal suppliers. The legalize marijuana proponents must believe the: a. demand for marijuana is elastic
b. demand for marijuana is inelastic. c. demand for for marijuana is unit elastic. d. none of the above.
A reduction in the minimum wage will tend to cause which of the following?
A) an upward shift in the WS curve B) a downward shift in the WS curve C) an upward shift in the PS curve D) a downward shift in the PS curve E) none of the above