Answer the following questions true (T) or false (F)
1. As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will fall.
2. If the population increases and input prices increase, the equilibrium price of a product will definitely increase.
3. If the number of firms producing electric cars increases and consumer preference for electric cars increases, the equilibrium quantity of electric cars will definitely increase.
1. FALSE
2. TRUE
3. TRUE
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Annual budgeting of production goals of a division within a firm
a. is an accounting mechanism to plan for the costs and revenues over a time period b. increase the burden on the division when goals rise c. can lead to accumulated inventory when the goals of an upstream division are arbitrarily set too high d. all of the above
Logrolling is
A. a system used often at lumberjack contests. B. a system that will always lead to worthy projects getting funded. C. a system that involves the trading of votes. D. a system that generally involves double-peaked preferences.
A decision at the margin Eleanor is a hard-working college senior. One Thursday, she decides to work nonstop until she has answered 50 practice problems for her economics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50 Use the table to answer the following questions. The marginal, or additional, gain from Eleanor's second hour of work, from 9:00 AM to 10:00 AM, is Points: 1 / 1 The marginal gain from Eleanor's fourth hour of work, from 11:00 AM to noon, is
What will be an ideal response?
Skeeter's Skeeball Castle has seen its business slow down ever since Kerrie's Off-Key Karaoke opened up next door. Since the opening of Kerrie's Off-Key Karaoke, the opportunity cost of playing skeeball at Skeeter's has
A) decreased. B) not changed. C) fallen to zero. D) increased.