Which of the following would cause a change in the quantity demanded of a product?
A) a higher price
B) a higher income
C) expectations of future price increases
D) All of the above are correct.
Answer: A
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If Happy Avocados, a ready-made guacamole manufacturer, purchases an avocado farm, this is an example of ________.
A) outsourcing B) backward integration C) divestiture D) forward integration
Compared to perfect competition, monopoly in the long run
A. restricts output. B. charges a higher price. C. produces at less than minimum average cost. D. All of these responses are correct.
A firm's demand for labor is referred to as a derived demand because
A. The quantity of goods and services labor can purchase is derived from the wages labor receives from the firm. B. It is derived from the supply of labor. C. It is derived from the MPP of labor. D. It is derived from the demand for the product that the labor is producing.
When an economy sacrifices production of consumption goods to produce more capital goods, we would expect that the production possibilities curve will
A) shift outward. B) shift inward. C) become a straight line. D) shift about in random fashion.