Flour is an input used to produce cookies. Suppose that the price of flour rises. As a result
A) the supply curve for flour will shift to the right.
B) the supply curve for flour will shift to the left.
C) the supply curve for cookies will shift to the right.
D) the supply curve for cookies will shift to the left.
Answer: D
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According to the graph, if the perfectly competitive outcome and monopoly outcome are compared, we can see that the:
This graph shows the cost and revenue curves faced by a monopoly.
A. monopoly creates deadweight loss.
B. perfectly competitive firm would lose money in this industry.
C. perfectly competitive firm would produce Q1 units.
D. monopolist would charge P3 and the perfectly competitive firm would charge P1.
A technological improvement in the production of good X causes the:
a. demand curve for X to shift to the right. b. demand curve for X to shift to the left. c. supply curve for X to shift to the right. d. supply curve for X to shift to the left.
One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.
Give an example of a famous cartel