In a competitive market the ________ curve shows the marginal benefit received by consumers and the ________ curve shows the marginal cost to producers
A) demand; market demand B) supply; demand
C) supply; market supply D) demand; supply
D
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Firm's should lower the price of their goods
a. If the demand for the product is elastic b. If it acquires a firm selling a complement good c. If it acquires a firm selling a substitute good d. Both a and b
Why do economists consider perfect competition to be the most efficient market structure?
What will be an ideal response?
Figure 6.9 depicts a hypothetical fish market with a horizontal supply curve. The consumer surplus at the new equilibrium with $2 tax is shown by:
A. Triangle A. B. Triangle A + Rectangle B. C. Rectangle B + Triangle C. D. Triangle C + Rectangle E.
In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico which subsequently drove up natural gas, gasoline, and heating oil prices. Three years later, once the refining capacity was restored, these prices came back
down. The restoration of refining capacity should A) shift the short-run aggregate supply curve to the left. B) shift the short-run aggregate supply curve to the right. C) move the economy up along a stationary short-run aggregate supply curve. D) move the economy down along a stationary short-run aggregate supply curve.