The above figures show the market for HD televisions. If cable television providers lower the price of providing HD cable service, which figure shows the effect of this change?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) None of the figures represent this change.
A
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On average, people in the United States spend a smaller percentage of their income on health care than do people in most other countries
Indicate whether the statement is true or false
An improvement in a firm's technology that improves productivity results in a(n):
a. leftward shift of the supply curve. b. upward movement along the supply curve. c. willingness to supply a larger quantity than before at any given price. d. downward movement along the supply curve.
In short-run profit maximization, businesses focus on the ______, holding fixed costs constant.
A. short-term production function B. long-term cost function C. average input cost D. short-term cost function
Bob's Butcher Shop is the only place within 100 miles that sells bison burgers. Assuming that Bob is maximizing his profit, which of the following statements is true?
a. The price of Bob's bison burgers will be less than Bob's marginal cost. b. The price of Bob's bison burgers will exceed Bob's marginal cost. c. The price of Bob's bison burgers will equal Bob's marginal cost. d. Costs are irrelevant to Bob because he is a monopolist.