An increase in demand will cause a(n)
a. increase in supply
b. decrease in supply
c. decrease in quantity supplied
d. increase in quantity supplied
e. decrease in equilibrium price
D
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In the United States each year,
A. more than 50 percent of all businesses fail. B. less than 25 percent of all businesses fail. C. over 10 percent of all businesses fail. D. only about 5 percent of all businesses fail.
Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice
She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.
In the above figure, which of the following points indicates the efficient use of resources?
A. a B. f C. h D. g
A perfectly competitive industry's market or "going" price is established by
A. the largest purchaser of this industry's output. B. the forces of supply and demand. C. the largest firm in the industry. D. each individual producing firm and reflects that firm's costs.