If a firm faces a downward-sloping demand curve
A) the demand for its product must be inelastic.
B) it has no control over the price or the quantity sold.
C) it must reduce its price to sell more units.
D) it will always make a profit.
Answer: C
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Everyone in the neighborhood has been complaining about the deteriorating condition of the park, but nobody has cleaned it up. Why not?
A. No single person's benefit from cleaning the park exceeds that person's cost of cleaning it. B. There is an excess demand for parks in the neighborhood. C. There is an excess supply of parks in the neighborhood. D. The social benefit of cleaning the park exceeds the social cost of cleaning it.
The purchase of voting stock by a competing firm is illegal in the United States
Indicate whether the statement is true or false
Refer to the given information. This labor supply curve demonstrates that:
Answer the question on the basis of the following supply information facing a single firm in a particular labor market:
A. the firm is selling its output under imperfectly competitive conditions.
B. the firm is selling its output under purely competitive conditions.
C. higher wage rates must be paid to successive workers to overcome their higher opportunity costs.
D. the firm is hiring labor under purely competitive conditions.
Refer to the scenario above. What is likely to be the impact on Firm A's sales if Firm A decides to sponsor the event while Firm B decides not to sponsor the event?
A) A 5% increase in sales B) A 2% increase in sales C) A 7% increase in sales D) A 0% increase in sales