Which determinant shifts supply?
a. income
b. prices of related goods
c. technology
d. tastes and preferences
c. technology
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Two goods are complements if an increase in the price of one good leads to an increase in demand for the other
Indicate whether the statement is true or false
The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called the marginal benefit
Indicate whether the statement is true or false
If P > ATC for a perfectly competitive firm, then
a. the firm could increase profit by lowering its price b. the firm could increase profit by raising its price c. the firm is producing too much output d. the firm is making a profit e. profits are zero in the short run
Which market is most likely to witness such actions and reactions as frequent new-product introductions, free samples, and aggressive advertising campaigns?
a. Oligopoly b. Perfect competition c. Monopoly d. Monopolistic competition