An increase in the price of good X will be accompanied by
a. a shift in the market demand curve for good X.
b. a shift in the market demand curve for good Y (a substitute for good X).
c. a movement along the market demand curve for good X.
d. Both b and c.
d
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What will happen to a typical isoquant if robots become increasingly good at doing manual and mental labor?
A. Isoquants will become much flatter. B. Isoquants will become much steeper. C. Isoquants will not change but movement will occur upward on the curve. D. Isoquants will become a negatively sloped straight line.
Marginal cost is calculated as:
A. the change in output divided by the change in total costs. B. the percentage change in total costs divided by the percentage change in output. C. the change in total cost divided by the change in output. D. total revenue minus total costs.
Which statement is true?
A. Many monopolistic competitors are very large firms. B. Many monopolistic competitors practice perfect price discrimination. C. Monopolistic competitors don't really compete. D. None of these statements are true.
A production possibilities curve shows:
A. that resources are unlimited. B. that people prefer one of the goods more than the other. C. the maximum amounts of two goods that can be produced, assuming the full use of available resources. D. combinations of capital and labor necessary to produce specific levels of output.