Which of the following would decrease the price of packaged hot dogs?
A. A decrease in the price of hot dog buns, a complement to packaged hot dogs.
B. An increase in the price of hamburger meat, a substitute for packaged hot dogs.
C. A technological advance that lowers the cost of producing packaged hot dogs.
D. An increase in the price of beef used to produce packaged hot dogs.
Answer: C
You might also like to view...
A monopolist price discriminates by
a. charging different buyers different prices for different products b. charging different buyers different prices for the same product c. selling at a price below average total cost d. selling at a price below marginal cost e. selling at a price above marginal revenue
Objections to monopolies do not include which of the following?
a. They reduce output below the efficient level of output that would be produced in perfect competition. b. They reduce the price below what would be charged in perfect competition. c. They charge a price that is greater than marginal cost. d. They create a welfare cost. e. All of the preceding are objections to monopolies.
The law of demand states that:
A. consumers will buy more of a product at high prices than at low prices. B. price and quantity demanded are directly related. C. price and quantity demanded are inversely related. D. the larger the number of buyers in a market, the lower the product price will be.
The U.S. Department of Labor calculates the unemployment rate by
A. totaling the number of households receiving unemployment compensation. B. analyzing federal income tax returns. C. surveying households. D. surveying businesses to determine patterns of hiring and layoffs.