Most residents of Los Angeles think sushi and sashimi are very similar foods. What effect will an increase in the price of sushi have on the demand curve for sashimi in Los Angeles?
a. there will be a movement down the sashimi demand curve
b. the sashimi demand curve will not be affected
c. there will be a movement up the sashimi demand curve
d. the sashimi demand curve will shift to the right
e. the sashimi demand curve will shift to the left
d. the sashimi demand curve will shift to the right
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Global imbalances may be reduced by a reduction in excess savings.
Answer the following statement(s) true (T) or false (F)
Suppose your firm has a U-shaped average variable cost curve and operates in a perfectly competitive market
If you produce where the product price (marginal revenue) equals average variable cost (on the upward sloping portion of the AVC curve), then your output will: A) exceed the profit-maximizing level of output. B) be smaller than the profit-maximizing level of output. C) equal the profit-maximizing level of output. D) generate zero economic profits.
Average cost
a. is always larger than marginal cost. b. declines for some range of output, hits a minimum, and then increases. c. is always smaller than marginal cost. d. is total cost/price of the product.
Liam is willing to cut lawns for a minimum of $200 a week. He is, however, paid $250 for the same service by a lawn maintenance company. This is an example of
a. consumer surplus. b. employment discrimination. c. producer surplus. d. the derivation of accounting profit.