Which of the following would maintain equilibrium without any changes in price or quantity?
a. supply unchanged; demand unchanged
b. supply unchanged; demand decreases
c. supply increases; demand unchanged
d. supply unchanged; demand increases
a. supply unchanged; demand unchanged
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If a seller can identify two groups of consumers with different demand elasticities, and can prevent arbitrage between the groups, it can increase profit by charging a higher price to the low-elasticity group.
Answer the following statement(s) true (T) or false (F)
Refer to the scenario above. What is the payoff to Firm A in equilibrium?
A) $2.4 million B) $2.6 million C) $5.2 million D) $3.0 million
Refer to Figure 2-2. If Mendonca chooses to produce 120 pounds of meat, how much vegetables can it produce to maximize production?
A) 0 pounds of vegetables B) 60 pounds of vegetables C) 100 pounds of vegetables D) 160 pounds of vegetables
Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, Marko's will produce
A) 0 shirts. B) 1 shirt. C) 3 shirts. D) 4 shirts.