A headline reads "Gasoline Prices Are Higher." A likely explanation for this event would be a(n):
a. Decrease in the supply of gasoline and an increase in the demand for gasoline
b. Increase in the supply of gasoline and a decrease in the demand for gasoline
c. Increase in the demand for and the supply of gasoline
d. Decrease in the demand for and the supply of gasoline
a. Decrease in the supply of gasoline and an increase in the demand for gasoline
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Marketing refers to all the activities necessary for a firm to sell a product to a consumer
Indicate whether the statement is true or false
The spreading of fixed costs over more output explains why the long-run average cost falls as output rises
a. True b. False
If a profit maximizing monopolist sells output for $100, then we know that its marginal revenue is
A. more than $100 if it is a perfect price discriminator. B. less than $100 if it is a perfect price discriminator. C. equal to $100 in all cases. D. less than $100 if it is a single price monopolist.
Crowding out is the idea that an increase in government spending may cause a reduction in private sector spending.
Answer the following statement true (T) or false (F)