Supply and Demand

A. Should increase output
B. Should reduce output
C. will require further information on how to respond
D. Should not change output

A. Economic profit
B. Accounting profit
C. Normal profit
D. Supernormal profit

A. marginal cost to increase, output to fall
B. marginal revenue to increase output to fall
C. opportunity cost to increase the firm will close
D. average cost will rise output will increase ____ output and an upward shift in marginal revenue ____ output

A. costs are minimized
B. revenue is maximized
C. average cost is less than average revenue
D. marginal cost equals marginal revenue

A. marginal cost
B. opportunity cost
C. limited cost
D. average cost

A. Supply curve
B. Market demand curve
C. Demand curve
D. Market supply curve

A. Status
B. Prestige
C. Utility
D. Self-esteem

A. increase quantity demanded, reduce quantity demanded
B. increase quantity demanded, increases quantity demanded
C. reduce quantity demanded, reduce quantity demanded
D. reduce quantity demanded, increase quantity demanded

A. negative income elasticity income elasticity greater than 1
B. income elasticity greater than 1, negative income elasticities
C. Positive income elasticities, negative income elasticities
D. None of the above

A. substitutes inferior
B. normal, complements
C. substitutes complements
D. normal, inferior