When supply increases
A. demand decreases.
B. price increases because excess supply develops at the original price.
C. price decreases because a less supply is available at the original price.
D. price decreases because a excess supply at the original price.
D. price decreases because a excess supply at the original price.
You might also like to view...
Which of the following best defines "economies of scope"?
A) As output expands the cost of producing a good decreases. B) As output expands the cost of producing a unit of a good decreases. C) Because firms use specialized resources to produce a range of goods, as the number of products produced increases, the cost of producing a unit decreases. D) Costs increase as firms seek to find more consumers.
The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. For the U.S
steel industry, a "Buy American" provision would create gains for all of the following except A) U.S. steel workers. B) U.S. taxpayers. C) U.S. steel companies. D) All of the above would gain from the provision.
Total profit is maximized
A. where the difference between total revenue and total cost is greatest. B. at that output level where marginal revenue equals average cost. C. where total revenue is at a maximum. D. at the point where all variable costs are covered.
Unemployment
a. usually decreases whenever nominal GDP decreases. b. usually increases whenever real GDP decreases. c. usually decreases whenever nominal GDP increases. d. usually increases whenever the price level increases.