Irregular weather patterns caused very poor yields for orange farmers. Which factor of supply would this change in the market for orange juice?
A. Price of related good
B. Technology
C. Price of input
D. Number of sellers
Answer: C
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If a duopoly has reached the monopoly outcome, a firm can increase its profit if it and it alone ________ its price and ________ its production
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases E) raises; does not change
There is no evidence that odd pricing succeeds in convincing consumers that prices are lower than they really are
Indicate whether the statement is true or false
Use the following statements to answer this question: I. A network externality is a situation in which each individual's demand depends on the purchases of other buyers. II
Network externalities are mainly positive effects resulting from the actions of others, while ordinary externalities are mainly negative effects resulting from the actions of others. A) I and II are true. B) I is true and II is false. C) I is false and II is true. D) I and II are false.
The market price for Chinese televisions recently changed from $200 per television set to $150 . _____, will benefit the most from this change in price
a. Lee Gadgets Co., a retail shop that sells Chinese televisions to consumers b. Wayne Inc., a manufacturer of Chinese televisions c. Harry, a consumer who buys a Chinese television set d. Light Inc., a wholesaler who sells Chinese televisions to retailers