Farmers can raise either goats or ostriches on their land. Which of the following would cause the supply of goats to decrease?
A) an increase in the price of ostriches
B) a decrease in the price of goats
C) an increase in the demand for goats
D) an increase in the price of ostrich feed
Answer: A
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A natural monopoly:
a. is a monopoly in the production of raw materials. b. occurs when one firm can supply the entire market more cheaply than can a number of firms. c. is one result of a patent. d. necessarily involves inefficient pricing.
The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output
a. True b. False Indicate whether the statement is true or false
Nicole has just finished high school and started looking for her first job, but has not yet found one. As a result, the unemployment rate
a. increases, and the labor-force participation rate is unaffected. b. increases, and the labor-force participation rate increases. c. is unaffected, and the labor-force participation rate increases. d. increases, and the labor-force participation rate decreases.
The demand curve facing a dominant firm in the ________ model is derived by subtracting the amount supplied by the smaller firms from market demand.
A. price leadership B. Cournot C. collusion D. cartel