A shift from D1 to D2 represents
A. an increase in demand.
B. a decrease in demand.
C. no change in demand.
A. an increase in demand.
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A perfectly competitive firm's marginal revenue
A) may be either greater or less than price, depending on the quantity sold. B) is equal to price. C) is greater than price. D) is less than price because a firm must lower its price to sell more.
Opportunity cost is illustrated on the production possibilities curve by a
A) bowed-out shape of the curve. B) shift to the right of the curve. C) shift to the left of the curve. D) movement along the curve.
When investors follow a "herd instinct," they:
A. invest in something as a group, making it appear more valuable than it is. B. make decisions as a group, inflating the prices of goods somewhat arbitrarily. C. invest in something simply because everyone else is doing it. D. only makes decisions as a group, making it hard to determine individual behavior.
The individual supplies of apples from three apple orchards are 460, 580, and 700 apples respectively, when the equilibrium price of an apple is $0.75 . Identify the correct statement from the following
a. The market supply at $0.75 is 1,540 apples. b. If the price rises above $0.75, the market supply will be lower than 1,740 apples. c. If the price rises above $0.75, there will be an excess demand for apples in the market. d. The market demand at $0.75 is 1,740 apples.