A simultaneous increase in both the demand for MP3 players and the supply of MP3 players would imply that
a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased.
b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased.
c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased.
d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.
d
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A country's capital stock decreased after a war while its labor supply remained constant. Which of the following will happen in this case if output is a function of capital and efficiency units of labor?
A) Its total output will remain constant. B) Its total output will decrease. C) Its per capita output will remain constant. D) Its per capita output will increase.
Which of the following is concerned primarily with mergers?
a. The Sherman Antitrust Act. b. The Clayton Act. c. The Robinson-Patman Act. d. The Celler-Kefauver Act.
If a monopolistically competitive market is in long-run equilibrium, each firm
A. earns economic profits. B. charges a price which is higher than long-run marginal cost. C. produces that level of output at which long-run average cost is minimum. D. all of the above E. none of the above
Most economists believe the short-term labor supply curve is ______.
a. elastic compared to demand b. inelastic compared to demand c. highly responsive to taxes d. highly responsive to wages