The demand curve for microwave popcorn is linear. Which of the following definitely makes the demand for microwave popcorn more inelastic?
A) a decrease in the price of microwave popcorn
B) an increase in the price of microwave popcorn
C) an increase in income
D) a decrease in income
A
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A natural monopoly exists when
A) diseconomies of scale exist in an industry. B) one firm can supply an entire market at a lower average total cost than can two or more firms. C) a firm can engage in price discrimination. D) the producers in an industry have formed a cartel. E) a monopoly firm faces a horizontal demand curve.
What might cause a decrease in current supply of a product?
A. A decrease in the price of one of the inputs used to make the product B. An increase in the product's own price C. New information that leads sellers to believe that the product's price will fall in the future D. New information that leads sellers to believe that the product's price will rise in the future
If leisure activities become more attractive, there will be a
A. Rightward shift of the labor supply curve. B. Movement up the labor supply curve to the right. C. Movement down the labor supply curve to the left. D. Leftward shift of the labor supply curve.
The productivity of workers can depend upon which of the following?
A. Human capital B. Technology C. Natural resources D. All of these are determinants of productivity.