Velcro is becoming more and more popular for a variety of uses, including as fasteners for shoes. What should happen to the equilibrium price and quantity for shoelaces as a result?
a. Both price and quantity should increase.
b. Both price and quantity should decrease.
c. Price should increase and quantity decrease.
d. Price should decrease and quantity increase.
e. Nothing.
B
You might also like to view...
An implication of the downward slope of the demand curve for a monopolistic competitive firm is that
A) its marginal revenue curve slopes upward. B) its marginal revenue curve and its demand curve are identical (same) line. C) its marginal revenue curve slopes downward but lies above the demand curve. D) its marginal revenue curve slopes downward but lies below the demand curve.
In New Zealand one worker can produce 40 walking sticks or 10 boomerangs each hour. What is the opportunity cost of producing one walking stick?
a. 40 boomerangs b. 10 boomerangs c. 4 boomerangs d. 1/4 of a boomerang e. 1/2 worker
In the short run, if a firm's total product is increasing: a. its marginal product must be increasing
b. its marginal product must be positive. c. its marginal product could be increasing or decreasing. d. both b. and c. are true.
The Federal Reserve District bank charged with buying and selling United States government securities is the __________ Bank.
Fill in the blank(s) with the appropriate word(s).