Variations in a time-series forecast can be caused by:
a. cyclical variations
b. secular trends
c. seasonal effects
d. a and b only
e. a, b, and c
e
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The above figure shows four different markets with changes in either the supply curve or the demand curve
Assuming coffee and tea are substitutes, which graph best illustrates the market for tea after severe weather destroys a large portion of the coffee crop? A) Graph A B) Graph B C) Graph C D) Graph D
Happy Feet wants to prevent Best Nails from entering the nail salon market. If Happy Feet expands its capacity, the expansion can lead to all of the following except which one?
A) increase Happy Feet's profit-maximizing quantity B) decrease Happy Feet's profit-maximizing price C) increase Happy Feet's marginal cost D) decrease Best Nails' profit from entering the market
Refer to the table below. Suppose the perfectly competitive market for dairy products had a 40 percent chance of a high price of $3.00 and a 60 percent chance of a low price of $2.00. However, both Happy Cows and Free Cows have revised their probabilities and now believe that the probability of a high price of $3.00 is 80 percent and the probability of a low price of $2.00 is 20 percent. If the
managers of Happy Cows want to maximize expected profit based on the new probabilities by how much will they change the quantity produced?
Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels.
A) Happy Cows will decrease their production by 20 units.
B) Happy Cows will decrease their production by 40 units.
C) Happy Cows will increase their production by 40 units.
D) Happy Cows will increase their production by 20 units.
A market consequence of a price floor program is that:
a. a shortage of the product will develop. b. producers will stop supplying the product. c. some rationing device must then be instituted. d. a surplus of the product will develop. e. there will be an excess demand for the product.