Which of the following will cause, other things being equal, a movement along the supply curve for HDTVs?
A) an improvement in the technology of producing HDTVs
B) an increase in resource costs for producing HDTVs
C) a reduction in the price of HDTVs
D) an expectation that the price of HDTVs will be lower in the future
Answer: C
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The bursting of the __________ market was largely responsible for setting off the Great Recession.
Fill in the blank(s) with the appropriate word(s).
Refer to Table 12.1. Assuming the inflation rate forecast to be accurate, which nation has the lowest real rate of return?
A) Japan B) Australia C) the United States D) South Africa
If price is initially above the equilibrium level
A) the supply curve will shift rightward. B) the supply curve will shift leftward. C) excess supply exists. D) all firms can sell as much as they want.
Legally, a patent grants a firm an exclusive right to its innovation for a period of
a. 1 year b. 5 years c. 10 years d. 14 years e. 17 years