The combination of low income elasticity of demand for food and high agricultural productivity leads to the demand for food increasing and the supply of food increasing even more, which has lead to rising prices of food
Indicate whether the statement is true or false
False
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If John's marginal benefit derived from the consumption of another candy bar is greater than the price of the candy bar:
a. John will not purchase any more candy bars. b. John will increase his total satisfaction by purchasing the candy bar. c. the opportunity cost of the candy bar is lower than the price. d. John will decrease his total utility if he purchases the candy bar.
What would happen if a perfectly competitive firm decided to raise its prices by 1%?
a. The firm would increase revenues by 1%. b. The firm would increase market share by 1%. c. The firm would lose all of its market to its competitors. d. The firm would put all of its competitors out of business.
Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, the price that will yield zero economic profit is:
A. OA. B. OB. C. OC. D. OD.
In recent years, the strictest application of antitrust laws has been for:
A. Breaking up firms with monopoly power B. Prosecuting firms for price fixing activity C. Blocking vertical mergers D. Limiting foreign competition