Under what circumstances would having multiple firms in a market result in higher prices for all customers?
A. Perfect competition
B. Natural monopoly
C. Price Discrimination
D. Patented products
Answer: B
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Which of the following would shift the supply curve for energy drinks to the left?
A) a decrease in the number of firms that produce energy drinks B) an increase in consumer income (assuming that energy drinks are normal goods) C) a decrease in the expected future price of energy drinks D) a decrease in the price of an input used to produce energy drinks
For a perfectly competitive firm, the region of the marginal cost curve that is above its average variable cost curve is identical to the firm's _____
a. demand curve b. supply curve c. average total cost curve d. average variable cost curve
The idea of "spilt milk" is associated with what type of cost?
Credit card limits are included in
a. M1 but not M2. b. M2 but not M1. c. M1 and M2. d. neither M1 nor M2.