The arrival of Michael Jordan, Larry Bird, and Magic Johnson in the 1980s increased the popularity of pro basketball. This led to
a. an increase in the supply of professional basketball
b. an increase in the demand for professional basketball
c. a decrease in the supply of professional basketball
d. a decrease in the demand for professional basketball
e. an increase in both the demand for and the supply of professional basketball
B
You might also like to view...
Compared to regular grocery stores, convenience stores have
a. higher prices and a more limited selection of goods b. higher prices and a greater selection of goods c. lower prices and a more limited selection of goods d. lower prices and a greater selection of goods e. equal prices and an equal selection of goods
Preferential trade agreements have a beneficial trade-diversion effect when they reduce prices for traded goods and stimulate the volume of international trade
a. True b. False Indicate whether the statement is true or false
You're called in as a consultant: Price is $24 . At a production level of 200 units, MC = MR, AFC = $6, and AVC = $16 . What do you advise this firm to do?
a. Increase output. b. Decrease output. c. Shut down operations. d. Stay at 200 units; the firm is earning $400 profit. e. Stay at 200 units; the firm is minimizing losses of $200.
When a firm is making a profit-maximizing production decision, which of the following principles of economics is likely to be most important to the firm's decision?
a. The cost of something is what you give up to get it. b. A country's standard of living depends on its ability to produce goods and services. c. Prices rise when the government prints too much money. d. Governments can sometimes improve market outcomes.