The final consumer demand for chicken (a normal good) in China will shift if:
a. Consumer income decreases
b. If fewer consumers are present in the market
c. If the price of pork decreases
d. All of the above
e. If either a or b occurs, but not c
d. All of the above
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Figure 4.3 illustrates the demand for tacos. Assume tacos are a normal good. An increase in income would bring about a movement from
A) point a to point b. B) point c to point b. C) D2 to D1. D) D0 to D1.
"Diseconomies of scale" occur in
A) the long run, but not the short run. B) the short run, but not the long run. C) both the short run and the long run. D) neither the short run nor the long run.
Marty's Bird House suffers a short-run loss. Marty can reduce his loss below the amount of his total fixed costs by continuing to produce if his revenue
A) exceeds his implicit costs. B) exceeds his nonmonetary opportunity costs. C) exceeds his marginal costs. D) exceeds his variable costs.
If the government imposes a binding price ceiling in a market, then the producer surplus in that market will increase
a. True b. False Indicate whether the statement is true or false