If the price of automobiles was to increase, then
A) the demand for gasoline would decrease.
B) the demand for gasoline would increase.
C) the supply of gasoline would increase.
D) the quantity of gasoline demanded would decrease.
Answer: A
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If the price elasticity of supply equals zero, this implies that:
a. suppliers can easily change the quantity supplied of the product as the price of the product changes. b. the period under consideration is a very long-run time period. c. the supply curve is perfectly vertical. d. the percentage change in quantity supplied exceeds the percentage change in product price. e. the percentage change in quantity supplied equals the percentage change in product price.
Which of the following terms describes the process wherein many of the different stages of producing a good happen in different geographic locations?
a. supply chain management b. splitting up the supply chain c. splitting up the value chain d. value Chain management
Figure 11-7
For the firm in Figure 11-7, an unregulated monopolist, output falls below the efficient level in the short run by how much?
a.
50
b.
75
c.
35
d.
100
Below, the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry.
If this were a constant-cost industry, what would be the price when the industry gets to long-run competitive equilibrium?
A. between $35 and $20 B. $20 C. above $35 D. $35 E. below $20