D2 shows a(n) ______.
a. decrease in demand
b. increase in demand
c. decrease in price
d. increase in price
b. increase in demand
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If marginal cost is ______ average cost, then average cost will _____.
A. equal to; decrease B. less than; increase C. greater than; decrease D. greater than; increase
The Budget Enforcement Act was an example of a debt ceiling.
Answer the following statement true (T) or false (F)
Advantages of specialization do not include:
A. increased ability to utilize the division of labor. B. less interdependence. C. increased production of economic goods with no increase in resources. D. the more efficient use of scarce resources.
Refer to Figure 12-17. Which of the following statements is true?
A) The current market price is $3 but the firm will be able to increase the price in the future. B) The current market price is $3 but the price will fall in the long run as new firms enter the market. C) The current market price is $3 but the price will increase in the future as the market demand increases. D) The current market price is $3 but the price will fall in the long run as a result of a decrease in demand.