Skateboards International of Mavericks Beach, California, was able to sell 20,000 skateboards at a price of $60 last year. This year it is able to sell only 12,000 of the same skateboards at a price of $60. Evidently, Skateboard International has experienced a(n):

Refer to Figure 3-4. At a price of $10, how many units will be sold?

A) 200 B) 400 C) 600 D) 800

If the demand curve a firm faces shifts to the right, usually

a. it would be impossible to tell whether the marginal revenue curve shifts. b. the marginal revenue curve would shift to the left. c. the marginal revenue curve would shift to the right. d. the marginal revenue curve would not shift.

A test was scheduled for Monday morning, but you went to a party on Saturday night. If you hadn't attended the party, you could have studied for the test or gone to a movie. Which of the following is true?

a. The opportunity cost of going to the movie is studying for the test. b. The opportunity cost of going to the party is the movie. c. The opportunity cost of going to the party is both the movie and the study time. d. Because you could go to the party only that night but could go to a movie any time, the opportunity cost of the party is the study time. e. From the above information, it's not possible to determine the opportunity cost of attending the party.

A monopsony pays a wage rate that is

A) greater than value of marginal product. B) equal to the marginal cost of labor. C) less than value of marginal product. D) unacceptable to the workers hired.