Which of the following examples would result in a decreased product price?
a. The supply for video games remains constant, but the demand increases.
b. The demand for DVD players decreases, but the supply decreases more.
c. The supply for Geiger counters increases, but the demand increases more.
d. The demand for remote control drones increases, but the supply increases more.
d. The demand for remote control drones increases, but the supply increases more.
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The above figure illustrates a perfectly competitive firm. Curve C represents the
A) MR curve. B) ATC curve. C) MC curve. D) market demand curve. E) AFC curve.
With tickets free and the show to be held in the 1,500-seat Detroit theater, what is free and what is scarce? Explain your answer
What will be an ideal response?
When a cartel breaks down and its members start cheating, the behavior in the industry becomes a
A) noncooperative game. B) zero-sum game. C) high stakes game. D) positive sum game.
Your opportunity cost of choosing a particular activity
a. can be easily and accurately calculated b. cannot even be estimated c. does not change over time d. varies, depending on time and circumstances e. is measured by the money you spend on the activity