A shift in the supply curve of bicycles resulting from higher steel prices will lead to:
a. higher prices of bicycles
b. lower prices of bicycles.
c. a shift in the demand curve for bicycles.
d. a larger output of bicycles.
a
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Firms in a monopolistically competitive market structure maximize their profit by producing an output where:
a. price equals average total cost. b. marginal cost equals average total cost. c. marginal cost equals price. d. marginal revenue equals marginal cost.
Which of the following is the injection into the circular flow model?
a. Money deposited in a savings account. b. Income earned through exports. c. Goods imported from abroad. d. Taxes paid by the individuals.
An increase in supply will cause a decrease in price, which will cause an increase in demand
a. True b. False Indicate whether the statement is true or false
Maximum Feasible Hourly Production Rates for EitherFood or Cloth Using All Available Resources
Using the data in the above table, and assuming constant opportunity costs, it is likely that
A. Mexico will export cloth. B. the United States will import food. C. the United States will export both cloth and food. D. Mexico will export both cloth and food.