When individual supply curves shift, ceteris paribus, the market supply curve shifts.
Answer the following statement true (T) or false (F)
True
The market supply curve indicates the combined sales intentions of all market participants, so when one market participant changes, the market supply curve changes.
You might also like to view...
Which of the following is TRUE concerning equilibrium in a monopsonistic factor market?
A) The firm uses the efficient level of the input but does not maximize profit. B) The firm maximizes profit but does not use the efficient level of the input. C) The firm maximizes profit and uses the efficient level of the input. D) The firm either maximizes profit or uses the efficient level of the input, but it cannot do both at the same time.
Shane holds wealth worth $10,000 . He considers investing it equally in two gambles one of which has a probability of 0.6 to yield a return of 10% and the other has a probability of 0.4 to yield a return of 20%. What will be Shane's total expected return from the two gambles?
a. $1,000 b. $700 c. $500 d. $900 e. $1,100
In a perfectly competitive market, an increase in output could be caused by
a. decrease in consumer demand b. an unavoidable increase in fixed costs c. higher input prices d. an increase in consumer demand
Assume, for the U.S., that the domestic price of beef without international trade is lower than the world price of beef. This suggests that with trade,
a. the U.S. has a comparative advantage in the production of beef over other countries and the U.S. will export beef. b. the U.S. has a comparative advantage in the production of beef over other countries and the U.S. will import beef. c. other countries have a comparative advantage over the U.S. in the production of beef and the U.S. will export beef. d. other countries have a comparative advantage over the U.S. in the production of beef and the U.S. will import beef.