A price setting firm faces a demand curve that is ______
Fill in the blank(s) with the appropriate word(s).
Answer: Downward slopping
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In September, buyers of silver expect that the price of silver will rise in October. What happens in the silver market in September, holding all else constant?
A) The demand curve shifts to the right. B) The quantity demanded increases. C) The quantity demanded decreases. D) The demand curve shifts to the left.
The payment of subsidies to firms who locate in high unemployment, depressed regions
A) is an example of a program to cure job discrimination. B) is an example of a program to cure "mismatch unemployment." C) has been universally successful in curing unemployment. D) is "bribery" and against the law.
John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. John expects the value of his earnings to be ________ if he expands and ________ if he does not expand.
A. $320,000; $200,000 B. $170,000; $50,000 C. $120,000; $200,000 D. $30,000; $200,000
A fixed factor of production:
A. is fixed in the long run but variable in the short run. B. is common in large firms but rare in small firms. C. is fixed in both the short run and the long run. D. is fixed only in the short run.