Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000s. If other factors were held constant, then there would be
A) a rightward movement along the supply curve.
B) a rightward shift of the demand curve.
C) a leftward shift in the demand curve.
D) a leftward movement along the supply curve.
C
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Refer to Figure 16-1. What is the economically efficient output level?
A) Q1 units B) Q2 units C) Q3 units D) Q4 units
A natural monopoly is defined as an industry in which one firm
a. can produce the entire industry output at a lower average cost than a larger number of firms could. b. can produce the entire industry output at a lower marginal cost than a larger number of firms could. c. is very large relative to other firms that could enter the industry. d. can earn higher profits if it is the only firm in the industry rather than if other firms also enter the industry.
Using Figure 2 above, suppose that the economy started at PAE2. A potential change that could cause the economy to go from PAE2 to PAE3 might be:
A. exports decrease. B. consumption spending increases. C. investment decreases. D. imports increase.
The demand curve faced by a monopolistically competitive firm is more elastic than the monopolist's demand curve.
Answer the following statement true (T) or false (F)