A decrease in demand for a product will cause the price of the product to fall and supply of the product to decrease.
Answer the following statement true (T) or false (F)
False
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If there is a low degree of uncertainty combined with a low degree of asset specificity, _____ will be efficient
a. long-term contracts b. short-term contracts c. market transactions d. vertical integration
According to the principle of asset valuation, the value of any asset is equal to
a. the sum of all the future benefits it generates b. the revenue it generates during its first year c. the sum of the present values of all the future net benefits it generates d. the ratio of its final year's benefits to its price e. the sum of all future benefits it generates minus its price
The factor of production that is always fixed in the short run is
a. the amount of raw materials b. the size of the physical plant c. the number of workers d. energy costs e. quantity of output
Refer to the graph shown. If labor costs $10 per unit and machines cost $15 per unit, the economically efficient cost of producing 1,000 units of output is:
A. $100. B. $300. C. $150. D. impossible to determine using the information given.