The upward slope of the supply curve reflects the
A. law of diminishing marginal utility.
B. principle of specialization in production.
C. fact that price and quantity supplied are inversely related.
D. law of supply.
Answer: D
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Draw a graph showing the concept of functional distribution.
What will be an ideal response?
Slick Shades has a constant marginal cost of production equal to $80 and the distributors have a constant marginal cost of distribution equal to $30. If Slick Shades vertically integrates with the perfectly competitive distributors, the profit-maximizing quantity will be ________ the profit-maximizing quantity if they did not vertically integrate and the combined firm will earn ________ profit if
they did not vertically integrate.
The figure above shows the wholesale demand and marginal revenue curves for Slick Shades Sunglasses, a sunglasses firm with market power. Slick Shades Sunglasses has a constant marginal cost of production and it sells to perfectly competitive independent retail distributors that have a constant marginal cost of distribution.
A) the same as; greater
B) greater than; the same
C) the same as; the same
D) greater than; greater
According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the highest unemployment rate?
a. white males b. white females c. black males d. black females
Market share is the percentage of total
A. Market output produced by the four largest firms in an industry. B. Industry profit earned by a single firm. C. Market output produced by a single firm. D. Market output produced by the largest firm in an industry.