When both the demand for a good increases and the supply of the good increases, the equilibrium quantity definitely increases
Indicate whether the statement is true or false
TRUE
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Reducing a tariff will ________ the domestic production of the good and ________ the total domestic consumption of the good
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
A monopolist changes price from $1 to $2 and sells 10 fewer units. The marginal revenue is
A) $10 B) -$10 C) $0 D) impossible to determine with the information provided.
The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L B) w = 200 - 4L C) w = 100 - L D) w = 2L
Refer to the graph below. When total revenue falls as output expands, marginal revenue is:
The following graph shows a total revenue curve for a monopolist.
A. Positive
B. Negative
C. Zero
D. Greater than demand at that output level