A change in the price of a product will change the supply of that product
Indicate whether the statement is true or false
FALSE
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What will happen to the demand curve for workers in steel mills if some technology that increases their productivity is introduced assuming all else equal?
A) It will cause a downward movement along the demand curve of the workers. B) It will cause an upward movement along the demand curve of the workers. C) It will cause a leftward shift in the demand curve of the workers. D) It may cause a rightward shift in the demand curve of the workers.
If the price of gasoline rose from $2.85 to $2.95 per gallon, your expenditure on gasoline would increase if your price elasticity of demand for gasoline equals
A) 1.25. B) 1.00. C) 0.75. D) Total revenue would increase at all of the above elasticities.
The revenue curves that a monopoly faces are different from those that a perfectly competitive firm faces in that the:
A. marginal revenue curve is downward sloping instead of flat. B. average revenue curve is no longer equal to price. C. marginal revenue curve is now flat instead of downward sloping. D. total revenue curve for a monopoly is linear.
Any point on the production possibilities curve illustrates:
a. minimum production combinations. b. maximum production combinations. c. economic growth. d. a nonfeasible production combination.