All of the following will affect the position of the demand curve EXCEPT
A) income.
B) taste and preference.
C) changes in expectations of future relative prices.
D) prices of resources used to produce the product.
Answer: D
You might also like to view...
What does U.S. GDP intend to measure?
A) The market value of final goods and services produced by U.S. citizens during the course of a year B) The market value of all goods and services produced by U.S. citizens during the course of a year C) The market value of final goods and services produced within the U.S. during the course of a year D) The market value of all goods and services produced within the U.S. during the course of a year
The optimal bidding strategy for an oral auction is
a. To shade your bid below your true value and drop out well before it is reached b. To shade your bid below your true value and drop out just when the shaded amount is reached c. To drop out when the bidding exceeds your true value d. To size up your competition to determine how much to shade your bid
Marginal revenue product is measured in dollars per unit of output
a. True b. False
If marginal revenue exceeds marginal cost, then a profit-maximizing perfectly competitive firm should:
a. increase output. b. decrease output. c. leave output unchanged. d. increase price.