Changes in which of the following shifts the supply curve of hamburgers?
A) a rise in the price of soda, a complement for hamburgers
B) new research that establishes a link between hamburgers and heart problems
C) an increase in the price of meat used to produce hamburgers
D) an economy-wide decrease in income because of a long recession
C
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Refer to the scenario above. Collectively, the firms will be better off if:
A) Firm 1 chooses to dump its waste into the river while Firm 2 chooses not to dump its waste. B) Firm 2 chooses to dump its waste into the river while Firm 1 chooses not to dump its waste. C) both firms choose to dump their waste into the river. D) neither of the firms dumps its waste into the river.
What characteristic of monopolistic competition may help to offset the inefficiency of this market structure?
A) Free entry and exit imply that firms produce at minimum long-run average cost. B) Consumers may value the product diversity that allows them to choose from a wide variety of differentiated products. C) Consumers may feel better about the inefficiency if they know that firms earn zero profits. D) Consumers may prefer this outcome to monopoly or monopsony.
Which of the following shifts aggregate demand to the left?
a. an increase in the price level b. an increase in the money supply c. a decrease in the price level d. a decrease in the money supply
In the figure above, the wage rate is $600 and total fixed cost is $15,000. What is average variable cost at its minimum?
A. $0.94 B. $28 C. $30 D. $2.80 E. $3.75