A move from S2 to S3 is a(n)
A. an increase in quantity supplied.
B. a decrease in quantity supplied.
C. an increase in supply.
D. a decrease in supply.
C. an increase in supply.
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Refer to the table above. What is the equilibrium quantity of notebooks?
A) 4 units B) 10 units C) 20 units D) 12 units
If the percentage change in quantity demanded is greater than the percentage change in price, can you determine if the demand is elastic, unit elastic, or inelastic? Explain your answer
What will be an ideal response?
Which of the following is true for a monopolistically competitive firm in the long run? a. The average cost curve of the firm lies below the marginal cost curve. b. The firm earns zero economic profit
c. The demand curve of the firm coincides with the marginal revenue curve. d. The firm earns positive economic profit.
Adding the quantities demanded by all consumers at every price will yield
A) the market-clearing price. B) the number of consumers. C) the total substitution effect from a price change. D) the market demand curve.