In the figure above, a decrease in the quantity of oil supplied but NOT a decrease in the supply of oil is shown by a movement from
A) point a to point e.
B) point a to point b.
C) point a to point c.
D) point a to point d.
C
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As long as the marginal benefit from a good is greater than its marginal cost, an economy is operating efficiently
Indicate whether the statement is true or false
When a proposed merger between two companies is reviewed by the government, the relevant market is defined by
A) how elastic the demand is for each firm's product. B) how much advertising is done in the industry. C) whether or not there are close substitutes for the products of the two firms. D) counting the number of firms that produce the same product.
A market which only allows only one firm to operate at lowest average cost is called a(n)
a. natural monopoly. b. scale industry. c. increasing returns industry. d. large scale industry.
Which of the following statements is not correct?
a. Some firms pay wages that are above the equilibrium wage. b. Workers sometimes form labor unions to push their wages up. c. Wages never deviate from the balance of supply and demand in the market for labor. d. The federal government mandates that employers pay their workers at least as much as the minimum wage.