Which of the following would decrease the price of packaged hot dogs?
a. An increase in the price of hot dog buns, a complement to packaged hot dogs.
b. A decrease in the price of hamburger meat, a substitute for packaged hot dogs.
c. A technological advance that lowers the cost of producing packaged hot dogs.
d. All of these.
d
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Use the following graph for a competitive market to answer the question below.
For a price floor to be effective and alter the market situation, it must be set
A. at $15. B. below $15. C. at $10. D. above $15.
When consumers have asymmetric information and when search costs and the number of firms are large, a single-price equilibrium in a competitive market
A) is impossible. B) occurs when price equals average cost. C) occurs when price equals marginal cost plus the search cost. D) occurs when the price is the price a monopoly would set.
Which of the following is not a result we would expect to result from a tariff on leather shoes? a. The price of leather shoes in the U.S. would increase
b. The amount of shoes imported into the U.S. would decline. c. Fewer pairs of shoes would be sold in the U.S. d. Domestic producers would sell fewer shoes at the higher prices.
The production possibilities frontier can be used to illustrate all of the following concepts, except one. Which is the exception?
a. productive inefficiency b. opportunity cost c. the law of demand d. scarcity e. the law of increasing opportunity costs