Supply chain is the entire vertical process of a firm
Indicate whether the statement is true or false
True
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When economists say the demand for a product has increased, they mean the
a. demand curve has shifted to the right. b. price of the product has fallen, and consequently, consumers are buying more of it. c. cost of producing the product has risen. d. amount of the product that consumers are willing to purchase at various prices has decreased.
Monopolistically competitive firms have excess capacity. To maximize profits, firms will
a. increase their output to lower their average total cost of production and eliminate the excess capacity. b. produce where price equals marginal cost to eliminate the excess capacity. c. produce where average revenue equals marginal cost to eliminate the excess capacity. d. maintain the excess capacity.
If a family's MPC is 0.7, it means that the family is
A. spending 70% of its disposable income. B. spending seven-tenths of any increment to its income. C. necessarily dissaving. D. operating at the break-even point.
Either OR Decision
What will be an ideal response?