A change in ____ would have the strongest influence on a factor's MRP curve.
A. the factor's price
B. the price of a complementary factor
C. the price of a substitute factor
D. the price of the final product
D. the price of the final product
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All grapefruit juice producers have decided to blend tangerine juice with the grapefruit juice. This blend results in a higher cost of production, but studies show that consumers prefer the taste of the blend to straight grapefruit juice
What will happen to the equilibrium price and quantity of the new "blended" grapefruit juice now that it costs more to produce but consumers like it better? A) The price rises and the quantity increases. B) The price falls and the quantity increases. C) The effect on the price is uncertain but the quantity increases. D) The price rises, but the effect on the quantity is uncertain.
The wealth effect points out that consumption decreases when people's real wealth decreases
Indicate whether the statement is true or false
Refer to Figure 9-4. Under autarky, the producer surplus is area
A) S + V. B) S + T + V + W + X. C) V. D) T + W+ X.
A firm that is the only seller of a good with no close substitutes is a(n)
A) perfect competitor. B) monopolistic competitor. C) oligopolist. D) monopolist.