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which one of the following causes the demand curve for a normal good to shift to the left?
a rise in the price of a complementary good
The demand for a product tends to be price elastic if...
sustitutes are easily available
Accounting profits...
ignore implicit costs
In the short-run...
not all of the input factors are variable. Mostly, it is assumed that capital input (machinery, equipment) is fixed and cannot be altered.
In competitive markets firms maximise profit where...
marginal cost equals marginal revenue
The consumer's reservation price for a good is...
the consumer's maximum willingness to pay for the good
Which of the following statements is correct?
the monopolistic competition model assumes that firms produce differentiated products.
Which one of the following statements is correct?
under the conditions of monopolistic competition marginal revenue is not constant. it decreases with an increase in the quantity sold
Which-one of the following statements is correct?
A company introduces a new product. The product is patented, therefore they are the only supplier. Given a constant marginal cost of 10, and an estimated price elasticity of demand of -1.5, the unit price, according to the inverse elasticity pricing rule, should be:
30
Which one of the following statements is correct?
Screening describes a process for sorting consumers based on a consumer characteristic that (1) the firm can see (such as age or status) and (2) is strongly related to a consumer characteristc that the firm cannot see but would like to observe (such as willingness to pay or elasticity demand)
Which one of the following statements is correct?
The Cournot and Bertrand models make different predictions about the quantities, prices, and profits that will arise under oligopolistic competition. This is partly due to the fact that they make different assumptions about how a firm expects its rival to react to its competitive moves.
Which of the following statements is correct?
A reaction function shows a firm's best response (i.e., profit-maximising output choice) to the output level of a rival firm.
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