The popularity of digital cameras has enticed large discount stores like Wal-Mart and Costco to offer digital photo printing services. How does this affect the digital photo printing market?
A) The demand curve for digital photo printing services shifts to the left.
B) The supply curve for digital photo printing services shifts to the right.
C) The supply curve for digital photo printing services shifts to the left.
D) The demand curve for digital photo printing services shifts to the right.
B
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A common misconception about supply is that
A. supply depends on many other variables B. price is a major determinant of quantity. C. it is a fixed amount. D. quantity cannot be determined in advance. E. All of these responses are correct.
Economics is the study of how people
a. vote for political leaders who decide what is to be produced b. make choices to produce and consume goods and services c. create social institutions that maximize economic well-being d. develop value systems that affect their consumption choices e. form customs and traditions that influence consumption
An example of a social insurance program offered in the United States is:
A. Progressive taxation. B. Social Security. C. Police and Firefighters. D. All of these are examples of social insurance programs.
The short-run break-even price is the point at which
A) price is less than marginal cost. B) marginal cost, average total cost and marginal revenue are all equal. C) average variable cost is at a minimum. D) marginal cost, price and average variable cost are all equal.