________ can change a resource's marginal product
a. A change in demand for the final product
b. A change in the supply of the final product
c. A change in the technology used in production
d. A change in the price of the final product
c
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Refer to Scenario 7.3. Suppose that your firm decides to double its output to 400. To achieve this level of output the firm will have to:
A) exactly double its inputs. B) more than double its inputs. C) less than double its inputs.
If people buy less chewing gum at every price when their incomes fall, then:
a. chewing gum is a normal good. b. the demand for chewing gum is positively sloped. c. demand for chewing gum has increased. d. the price of chewing gum has increased. e. there has been a decrease in population that changed demand.
Product differentiation:
a. is carried out by both perfectly competitive and monopolistically competitive firms. b. is succesful if a firm faces a relatively inelastic demand curve. c. does not allow the firm to raise its price without losing all of its customers. d. cannot be accomplished through advertising or trivial product changes. e. if carried out successfully enables the firms to enjoy market power.
Your neighbor has just planted some fragrant flowers. The wonderful scent drifts into your room and makes you happy.
A. This scent is an internal cost to you. B. This is an externality since you get a benefit from your neighbor's flowers. C. This cannot be an externality since you are enjoying the scent. D. The social cost of this activity is entirely borne by you neighbor.