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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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.
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.