Change in Quantity Supplied
What will be an ideal response?
Change in price
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A firm is producing the profit-maximizing amount of output when it is producing where its ________ curve intersects its ________ curve
A) MC; MR B) MC; AVC C) MC; ATC D) MC; TR
Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will
a. increase the supply of corn b. increase the supply of soybeans c. decrease the supply of soybeans d. decrease the supply of corn e. have no effect on the supplies of corn and soybeans
A U.S. citizen's gift for famine relief in Somalia would be considered a:
a. capital inflow. b. capital outflow. c. current account transaction. d. service trade transaction.
If the price elasticity of supply is 0.3, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.