Which of the following will NOT cause a shift in the demand for portable power banks?
A. a change in income
B. a change in the price of portable power banks
C. a change in taste
D. a change in the price of smartphones
Answer: B
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Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)
A) The price will be higher in the long run than in the short run. B) The market supply curve will be further to the left in the long run than in the short run. C) The firm's profit will be lower in the long run than in the short run. D) Fewer firms will be in the market in the long run than in the short run.
Irrespective of the market structure, a firm maximizes profit at the level of output where the price of its product equals its marginal cost
a. True b. False Indicate whether the statement is true or false
If incomes are rising, in the market for a normal good,
a. its price will rise and the quantity exchanged will rise. b. its price will rise and the quantity exchanged will fall. c. its price will fall and the quantity exchanged will rise. d. its price will fall and the quantity exchanged will fall.
When OPEC raised the price of oil, it created a:
A. demand-pull inflation. B. cost-push inflation. C. demand-push inflation. D. cost-pull inflation.