An increase in the demand for washing machines might be caused by
A. a decrease in the number of buyers.
B. an expected increase in the price of washing machines.
C. a decrease in the price of washing machines.
D. an expected decrease in the price of washing machines.
Answer: B
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Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?
A) The firms' demand curves will become less elastic. B) The demand curves faced by firms in the market will shift to the right. C) More close substitutes will appear in the market. D) Some firms will exit the market if they can't cover all of their fixed and variable costs.
Advertising: a. cannot influence market demand
b. shifts the average total cost curve upward. c. is used only by perfectly competitive firms. d. makes demand more elastic by creating customer loyalty.
A new technology that increases labor productivity will shift the
a. demand curve for labor to the left b. MLC curve to the left c. MPP curve downward d. demand curve for labor to the right e. demand for the good to the right
Economic theory implies that the incentive for a manager of a publicly operated firm (for example, a state university or the post office) to promote internal efficiency of their operations would be
a. strong because inefficiency is easily detected and leads to the loss of voter support. b. strong because public officials are unconcerned about personal gain. c. weak because government employees are less educated than employees who work in the private sector. d. weak because it is difficult for voters to detect inefficiency and for public officials to gain from actions that would improve the efficiency of government.