An increase in the demand for corn is more than offset by an increase in its supply. As a result, the equilibrium price will ________ and the equilibrium quantity will ________.
A. decrease, increase
B. increase, increase
C. decrease, decrease
D. increase, decrease
Answer: A
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Marginal cost eventually increases because
A) of the law of diminishing returns. B) eventually each additional worker produces a successively smaller addition to output. C) the marginal product of the variable input eventually falls. D) All of the above answers are correct.
A change in price that is accompanied by a change in income sufficient to leave a consumer's well-being unchanged is called:
A. an uncompensated price change. B. a compensated price change. C. an income adjusted price change. D. the income effect.
Which of the following industries has the highest concentration ratio?
a. jeans b. fruit c. household laundry equipment d. restaurants
In Figure 32.1, at the supported price-quantity combination where production is limited, the money consumers pay producers is 
A. 0HCQ*. B. 0ABQD. C. 0P*CQ*. D. 0PfloorBQD.