Refer to the figure above. What is the price that a perfectly competitive firm would charge?
A) $0
B) $3
C) $6
D) $9
B
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Suppose the equilibrium price of movie tickets is $10. If the supply curve for movies shifts ________, the equilibrium price will ________
A) rightward; decrease B) leftward; decrease C) rightward; increase D) leftward; not change E) rightward; not change
An economist might emphasize that our everyday use of natural resources is the product of knowledge by saying:
A) "Money is the root of all that is good about the world." B) "Usable oil comes from our minds' innovations." C) "A bird in the hand is worth two in the bush." D) "You're fired."
Americans buying Japanese cars:
A. supply U.S. dollars and demand Japanese yen. B. demand U.S. dollars and demand Japanese yen. C. supply both U.S. dollars and Japanese yen. D. demand U.S. dollars and supply Japanese yen.
A common characteristic in oligopolistic markets is
a. consideration of rivals' reactions. b. standardized products. c. high profits. d. unused capacity.