If the number of people with the skills necessary to perform a job decreases, labor ________ shifts to the ________.
A. demand; left
B. demand; right
C. supply; left
D. supply; right
Answer: C
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The price elasticity of demand for eggs is .27 and the price elasticity of demand for soft drinks is .70. Therefore, the demand for eggs
A. is more elastic. B. is less elastic. C. cannot be compared to the demand for soft drinks because both are negative. D. cannot be compared to the demand for soft drinks because eggs cannot be substituted for soft drinks.
With a monopolist's outcome, consumer surplus is:
A. higher than that of a competitive market. B. lower than that of a competitive market. C. the same as that of a competitive market. D. Any of these is possible.
If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that
a. marginal revenue exceeds marginal cost. b. marginal cost exceeds marginal revenue. c. total cost exceeds total revenue. d. None of the above is correct.