If the price of a product being sold in a perfectly competitive market decreases
A) the MRP curve shifts to the left.
B) the MRP curve shifts to the right.
C) the MFC curve shifts to the right.
D) the MFC curve shifts to the left.
Answer: A
You might also like to view...
According to the table, the price of Big Macs converted to U.S. dollars varies widely around the world. This shows that Big Macs do NOT follow the
A) law of opportunity cost. B) law of one price. C) law of demand. D) law of exchange rate parity.
Which is the best example of specialization?
A) a high school math teacher who teaches only calculus B) a firm that produces both luggage and cooking oil C) a person whose job includes accounting, personnel, and maintenance tasks D) a high school math teacher who teaches algebra and calculus
In the 1960s and early 70s, economists believed that the Phillips curve indicated: a. a menu of macroeconomic choices available to policy makers
b. that higher levels of employment could be achieved with lower inflation. c. that higher inflation was the price for more unemployment. d. all of the above.
Alexander lives in an apartment building and gets a $250 benefit from playing his stereo. Mary, who lives next door to Alexander and often loses sleep due to the loud music coming from Alexander's stereo, bears a $350 cost from the noise. Mary would like to offer Alexander some money to turn down the volume on his stereo. If Mary had to hire a lawyer to draw up the contract, what is the maximum
amount she could pay to the lawyer to ensure that both Alexander and Mary would benefit from the agreement? a. an amount less than $100 b. an amount between $100 and $250 c. an amount between $250 and $350 d. Any amount could result in both parties benefiting from the agreement.