Adam's Apples, a small firm supplying apples in a perfectly competitive market, decides to cut its production in half this year. As a result, the
a. market price will rise
b. market price will fall
c. market quantity will rise
d. market price will not be affected
e. total expenditures on apples will rise
D
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The Board of Governors:
A. are experts in banking, finance, and monetary policy. B. are appointed by the U.S. president and confirmed by the Senate to 14 year terms. C. Both these are true. D. Neither of these are true.
If the price of bonds falls, the
a. demand for bonds will rise b. supply of bonds will fall c. supply of bonds will rise d. interest rate will rise e. interest rate will fall
Suppose Isaac's marginal utility from attending his 10th San Antonio Spurs game was 50 and the marginal utility from attending his 1st Rihanna concert was 200. Assume that the price of a Spurs ticket is $30 and the price of a Rihanna ticket is $100
Which of the following would be TRUE? A) Isaac would attend more Rihanna concerts and less Spurs games. B) Isaac would attend more Spurs games and less Rihanna concerts. C) Isaac would not alter his behavior. D) Isaac would attend less of both Spurs games and Rihanna concerts.
Which of the following statements best describes the economic short run?
A) It is a period of one year or less. B) It is a period during which firms are free to vary all of their inputs. C) It is a period during which at least one of the firm's inputs is fixed. D) It is a period during which fixed inputs become variable inputs because of depreciation.