If a significant number of consumers switch from consuming traditional baked goods to consuming vegan baked goods, a vegan bakery will likely find its demand curve shifting to the ________ and its marginal revenue curve shifting to the ________ as
more competitors enter the market.
A) left; right B) left; left C) right; left D) right; right
B
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To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A. 8 B. 15 C. 112 D. 960
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90
When there are many buyers and sellers, no significant barriers to entry, and a differentiated product, the market structure is called
a. an oligopoly b. perfect competition c. monopolistic competition d. a monopoly e. unbalanced monopoly
Over the past 50 years, the exports of developing countries have shifted toward ___________
A) agricultural products. B) retail/wholesale. C) financial services. D) mineral products. E) manufactured products.