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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2782
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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17. A decrease in demand for a good could mean that (Points

Customer Question

17. A decrease in demand for a good could mean that (Points: 1)
consumers are willing to buy larger quantities of the good at each price
the demand curve has shifted to the left
consumers are willing to pay a higher price for each quantity of the good
the demand curve has undergone a parallel shift to the right


18. Which of the following is the best example of complements? (Points: 1)
milk and cheese
coffee and tea
hiking boots and athletic shoes
film and film processing (developing)


19. If good B is a complement to good A, then a rise in the price of B (Points: 1)
increases the quantity demanded of A
decreases the demand for A
increases the demand for A
decreases the quantity demanded of A


20. Which of the following would shift the supply curve for a product to the right? (Points: 1)
an improvement in the technology for producing the good
the expectation of a higher price in the near future
an increase in the price of the product
an increase in the price of an alternative good


21. Which of the following is correct when a price floor is set above the equilibrium price? (Points: 1)
quantity supplied is equal to quantity demanded at the set price
The market price is greater than the price floor
quantity supplied is less than quantity demanded at the set price
quantity supplied exceeds quantity demanded at the set price


22. Demand is elastic whenever (Points: 1)
price elasticity has an absolute value of 1
price elasticity has an absolute value greater than 1
price elasticity has an absolute value less than 1
price elasticity is negative


23. Which of the following will cause demand to be relatively elastic? (Points: 1)
There are few substitutes
The time interval is relatively long
The good is considered a necessity
The good involves a relatively small portion of the consumers' budget


24. If the demand for swordfish is price elastic and the price of swordfish increases, then (Points: 1)
the quantity of swordfish demanded will increase
the total revenue from swordfish sales will decrease
the total revenue from swordfish sales will increase
the total revenue from swordfish sales will not change


25. Along a straight-line downward-sloping demand curve, elasticity is (Points: 1)
constant, but its value cannot be determined without measurement
constant and equal to an absolute value of one
greater at higher prices
greater at lower prices


26. If supply is perfectly elastic, the supply curve is (Points: 1)
vertical
horizontal
any straight-line supply curve
any supply curve intersecting a perfectly elastic demand curve


27. Substitutes are pairs of products with (Points: 1)
positive cross-price elasticity of demand
negative cross-price elasticity of demand
positive income elasticity of demand
negative income elasticity of demand


28. Increasing marginal returns are generally the result of (Points: 1)
diseconomies of scale
increasing costs
specialization and division of labor
labor unions


29. If labor is a firm's only variable input, marginal cost ultimately depends on (Points: 1)
fixed cost
how much profit is made
the price of the good produced
how much output each worker produces


30. The short-run average variable cost curve (Points: 1)
is always downward-sloping
is a horizontal line intersecting the vertical axis
slopes downward at low rates of output, then slopes upward at higher rates of output
starts above the origin and always slopes upward


31. A firm's long-run average cost curve is also called its (Points: 1)
profit curve
planning curve
production curve
explicit cost curve


32. Economies of scale can be caused by (Points: 1)
all of the following
short-run increases in marginal productivity
the use of larger, more specialized machines
higher information costs as a firm expands


33. The price charged by a perfectly competitive firm is determined by (Points: 1)
each individual firm
a group of firms acting together as a cartel
market demand and market supply
the firm's total costs alone


34. If price is less than its minimum average variable cost, a perfectly competitive firm that continues to produce in the short run (Points: 1)
cannot cover any of its variable cost
incurs a loss greater than its fixed cost
can cover all of its fixed cost and some of its variable cost
can cover all of its variable cost and some of its fixed cost
Submitted: 6 years ago.
Category: Homework
Expert:  Chris M. replied 6 years ago.
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