How much is this firm's output?
10
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If a higher price for wheat decreases the quantity of corn being produced, which of the following describes what has occurred?
A) The supply of wheat increased and the supply of corn decreased. B) The quantity of wheat supplied increased and quantity of corn supplied decreased. C) The supply of wheat increased and the quantity of corn supplied decreased D) The quantity of wheat supplied increased and the supply of corn decreased. E) The supply of wheat decreased and the supply of corn decreased.
The demand curve for a Giffen good slopes upward
Indicate whether the statement is true or false
Economic rent serves
A) a descriptive function by making some wealthier than others, but serves no allocative function. B) an allocative function by guiding available supplies to the most efficient use. C) only to make the rich richer and the poor poorer. D) no useful function in a modern economy.
In monopolistic competition, advertising costs
A) are fixed costs. B) are variable costs. C) affect the firm's ATC curve. D) All of the above answers are correct.