Which of the following is the most likely reason for a coffee seller to change the price of coffee from P1 to P2?
a. The demand for decaf coffee increased.
b. The coffee crop reached the expected yield.
c. Ideal weather created a high yield of coffee.
d. Insects reduced the coffee yield.
c. Ideal weather created a high yield of coffee.
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When output is less than the efficient level,
A) consumers are willing to pay more for another unit than it costs to produce the unit. B) the amount consumers are willing to pay equals the cost of production. C) the cost of production is greater than the price consumers are willing to pay. D) the production costs can't be measured. E) the marginal cost of producing the good must be greater than the marginal benefit from the good.
One of the following is not a characteristic of perfect competition. Which is it?
a. Firms advertise to increase their market share. b. Profits are low in the long run. c. Consumers pay little attention to brand names. d. Firms pay no attention to their competitors' output levels.
A rational person can have a negatively-sloped labor supply curve
a. True b. False Indicate whether the statement is true or false
Which statement about oligopolies is true?
A. Most oligopolies in the U.S. engage in outright collusion. B. Most oligopolies operate at the minimum point of their ATC curves. C. Most of our GDP is produced by oligopolies. D. Collusion is illegal in the U.S. and does not exist.