Robots are used to produce automobiles. The robots would be considered to be ______.
a. causation
b. an output
c. a resource
d. a tax deduction
c. a resource
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A monopolistic firm
A) will never sell a product whose demand is inelastic at the quantity sold. B) can sell as much as it wants for any price it determines in the market. C) cannot determine the price, which is determined by consumer demand. D) cannot sell additional quantity unless it raises the price on each unit. E) will always earn a profit in the long run.
In making a production decision, a business owner:
A.) Decides whether to enter or exit the market. B.) Makes a long-run decision about output and revenues. C.) Decides whether to buy or lease new plant and equipment. D.) Decides the short-run rate of output.
Refer to the graph shown. A quantity restriction of QR will:
A. lower market price to P2. B. maintain a market price of P1. C. raise market price to P0. D. have no effect in the market depicted.
An expected increase in the future price of automobiles will lead to
A) an outward shift in demand for automobiles today. B) a reduction in the demand for gasoline today. C) a movement down the demand schedule for automobiles. D) no predictable impact on today's demand for automobiles.