An increase in supply is shown graphically as a ________ shift of the supply curve, and as a result of an increase in supply, equilibrium price will ________.
A. leftward; decrease
B. rightward; increase
C. leftward; increase
D. rightward; decrease
Answer: D
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A common contractual precommitment strategy is ________.
A) a meet-or-release clause B) price visibility C) a most-favored-customer clause D) a meet-the-competition clause
NetJets, which is the first time-share program for aircraft, cuts transaction costs by:
a. providing economic service to its passengers. b. being responsible for crews, maintenance, and compliance with Federal regulation. c. reducing the time taken for traveling between destinations. d. allowing owners to transfer their shares, change the size of their shares, and purchase shares of other planes.
A change in the cost of production will generally prompt a change in _____.
Fill in the blank(s) with the appropriate word(s).
Free markets, by definition, must always be efficient.
Answer the following statement true (T) or false (F)