For a perfectly competitive firm, curve A in the above figure is the firm's
A) total fixed cost curve.
B) average fixed cost curve.
C) average variable cost curve.
D) total revenue curve.
D
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What is the most likely effect of the development of DVDs, rental movies, and online movie streaming on the movie theater industry?
A. increased demand for movie theater tickets B. increased price elasticity of demand for movie theater tickets C. decreased costs of producing movies D. movie theater tickets become an inferior good
When the government implements an agricultural price support (above the equilibrium price), a surplus results and the government buys the surplus at the support price
Indicate whether the statement is true or false
If more foreign tourists visited the United States, this would
A. lower our merchandise trade imbalance. B. lower our overall trade imbalance. C. raise our merchandise trade imbalance. D. raise our overall trade imbalance.
If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome?
A. The supply of labor will increase. B. The demand for labor will increase. C. The supply of labor will decrease. D. The demand for labor will decrease.