A(n) ________ will shift the short-run industry supply curve of a perfectly competitive industry.
A. increase in the price of an input
B. increase in the price of the product
C. increase in the demand for the product
D. increase in the income of consumers
Answer: A
You might also like to view...
Which of the following factors can influence the production possibilities frontier in the future?
a. The amount of capital produced b. A fall in the rate of inflation c. A decrease in consumption in an economy d. An increase in the tax rate e. A legal reform that increases transaction costs
Variable costs
A) do not vary with price. B) do not vary with output. C) vary with price. D) vary with output.
The infant industry argument is that:
a. those industries that produce products for infants should be protected. b. protectionism will provide consumers with lower prices. c. protectionism should be used to create a level playing field for the domestic firms to compete with foreign firms. d. protectionism promotes complete specialization in the country on the basis of comparative advantage. e. new industries should be protected from foreign competition until they have had adequate time to develop.
If scalpers were to charge only face value for tickets to a sold-out event, there would be
A. a lower price in the market for scalped tickets than the equilibrium price. B. a scalped ticket available for every seat in the stadium. C. a higher price in the market for scalped tickets than the equilibrium price. D. a price in the market for scalped tickets equal to the equilibrium price.