If consumer tastes are changing more in favor of the consumption of a particular good the:
a. market demand curve will shift to the left.
b. consumer will move up a given demand curve, decreasing the quantity demanded.
c. consumer would move down a given demand curve, decreasing the quantity demanded.
d. consumer would move down a given demand curve, increasing the quantity demanded.
e. market demand curve would shift to the right.
e
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Refer to Table 9-10. Fill in the following table with the opportunity costs of producing bows and arrows for Tran and Farah
Pens Pencils Tran Farah
Which of the following could be called a virtue of raising prices of depletable resources?
a. It would discourage consumption and waste. b. It would stimulate more efficient use of resources. c. It would encourage innovation and discovery of alternatives. d. All of the above are true.
Coffee Shower, Cloud Nine Coffee, and LoopCafe have each agreed to reduce their output in order to reduce total market supply and raise market price. This is an example of _____
a. a cartel b. a collusion c. a duopoly d. game theory
The market value of the inputs a firm uses is called
a. total cost. b. variable cost. c. marginal cost. d. fixed cost.