Before the DVD, the VCR was a popular format for taping and replaying video. When the DVD was introduced, which of the following most accurately describes the long-run adjustment process in the VCR industry?
A) Costs increased, price increased, demand decreased, quantity decreased, profit decreased.
B) Demand increased, costs increased, price increased, quantity increased, profit decreased.
C) Demand decreased, quantity decreased, price decreased, profit decreased.
D) Demand decreased, price decreased, quantity decreased, profit decreased.
C
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If a curve rises and then falls, it has a
A) slope that is negative and then positive. B) minimum. C) linear relationshi
If more and better technology is used for producing wheat in the United States than in a lesser-developed country, then the:
a. MRP of the U.S. workers will be higher than the MRP of the workers in the lesser-developed country. b. MRP of the U.S. workers will be lower than the MRP of the workers in the lesser-developed country. c. demand for the U.S. workers will be lower than the demand for the workers in the lesser developed country. d. price of wheat will be higher in the United States than in the lesser-developed country. e. wages of the U.S. workers will be lower than the wages of the workers in the lesser-developed country.
Sherman Antitrust Act bans price discrimination that substantially lessens competition or injures particular competitors
a. True b. False Indicate whether the statement is true or false
Firms that are price searchers
a. will eventually find and charge the highest price at which consumers will purchase any units. b. face inelastic demand curves for their products. c. do not confront rival sellers like price takers do. d. face a downward-sloping demand curve.