Supplier power tends to be lower when
a. Suppliers are less concentrated
b. There are low costs to switching between suppliers
c. Both A&B
d. None of the above
c
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In deciding whether to operate in the short run, the firm must consider the relationship between price and
A) total cost. B) average variable cost. C) total fixed cost. D) the number of buyers.
If slope = 2 for a line on a graph with x on the horizontal axis and y on the vertical axis, then if
a. x decreases by 4, y decreases by 8 b. x = -4, then y = -2 c. y decreases by 4, x decreases by 8 d. x = -4, y = -8 e. x increases by 4, y decreases by 8
If a tax rate falls as a person's income rises, the tax is a:
a. proportional tax. b. progressive tax. c. regressive tax. d. poll tax. e. constant tax.
The intersection of the labor market supply and market demand curves establishes the minimum wage.
Answer the following statement true (T) or false (F)