If something happens to alter the quantity demanded at any given price, then the demand curve shifts
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 7-2. The tariff causes domestic consumption of coffee
A) to rise by 20 million pounds. B) to fall by 27 million pounds. C) to rise by 6 million pounds. D) to fall by 7 million pounds.
The marginal revenue of a monopolistically competitive firm
A) will equal average revenue. B) cannot be negative because the price the firm charges will always be greater than zero. C) can be negative if the firm charges a high price. D) can be negative if the firm charges a low price.
Given the data in Scenario 14.3, how much labor should the firm employ if labor costs $30 a unit?
A) 3 units of labor B) 4 units of labor C) 5 units of labor D) 6 units of labor E) 7 units of labor
Negative externalities lead to over supply in a market
Indicate whether the statement is true or false