In the model of monopolistic competition, an increase in industry output will cause individual firms' demand curves to become ________, which will ________ demand for higher-priced goods and ________ demand for lower-priced goods
A) flatter; reduce; increase
B) steeper; reduce; increase
C) flatter; increase; reduce
D) steeper; increase; reduce
E) horizontal; reduce; reduce
A
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Trisha's Fashion Boutique sells earrings and pendants. Trisha has two types of customers. Their willingness-to-pay for earrings and pendants are given in the table below
If Trisha bundles the earrings and pendants together, could she increase revenue? Earrings Pendant Type I 100 65 Type II 90 75
If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is ____, indicating the demand is ____
a. 2, elastic b. 2, inelastic c. 0.5, elastic d. 0.5, inelastic
Changes in both physical and human capital affect a nation's ability to produce goods and services
a. True b. False Indicate whether the statement is true or false
Businesses are on the:
A. supply side of both factor markets and goods markets. B. supply side of factor markets and the demand side of goods markets. C. demand side of both factor markets and goods markets. D. demand side of factor markets and the supply side of goods markets.