How would a decrease in the cost of production affect the market for video games?
a. Supply would decrease, leading to an increase in price and a reduction in quantity sold.
b. Supply would decrease, leading to a reduction in price and a reduction in quantity sold.
c. Supply would increase, leading to an increase in price and an increase in quantity sold.
d. Supply would increase, leading to a reduction in price and an increase in quantity sold.
D
You might also like to view...
Consider a tragic and heart-wrenching case in which a cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy. The economic way of thinking would therefore conclude A) the patient made the wrong choice. B) the doctors were absolutely right—the patient needs chemotherapy. C) it is better to live longer than it is to die sooner. D) all of the above are true. E) none of the above is true.
If demand is highly inelastic and supply shifts to the right, price:
A. hardly changes at all; quantity will rise significantly. B. will rise significantly as will quantity. C. will rise significantly; quantity hardly changes at all. D. will fall significantly; quantity hardly changes at all.
The process of collecting information that identifies similarities and differences among jobs is _____.
A. job evaluation B. job analysis C. observation D. work structure analysis
One reason for increasing costs industries is that as an industry grows, it drives up the prices of inputs.
Answer the following statement true (T) or false (F)