The above figures show the market for HD televisions. If the price of the LCD screens used to produce these televisions falls, which figure shows the effect of this change in price?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) None of the figures represent this change.
C
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The labor supply curve bends backward because
A. income effects are greater than substitution effects at higher wages. B. substitution effects are greater than income effects at higher wages. C. income effects are greater than substitution effects at lower wages. D. substitution effects are greater than income effects at lower wages.
Given the total cost and total revenue curves in the above figure, what are the output levels at which the perfect competitor will earn a positive economic profit?
A) from 0 to 30,000 bushels B) from 0 to 60,000 bushels C) between 30,000 and 80,000 bushels D) over 80,000 bushels
What is the ability to pay principle? Does the U.S. federal income tax follow this principle or not? Explain your answer
Refer to the graph shown. If this monopolist were forced to set price equal to average cost, it would charge a price of:
A. $8. B. $3. C. $12. D. $2.