The demand for lobster is lower in the spring than in the summer. If the price of lobster is higher in spring than in summer then
a) consumers' tastes for lobster are greater in spring than in summer
b) the supply of lobster is greater in summer than in spring.
c) there are more substitutes for lobster in summer than there are in spring
d) there is a shortage of lobster in spring and a surplus of lobster in summer
b) the supply of lobster is greater in summer than in spring.
Economics
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In the long-run, a firm in monopolistic competition produces at an output level where
A) P > ATC and MR = MC. B) P > ATC and MR > MC. C) P = ATC and MR = MC. D) P = ATC and MR > MC. E) P = ATC and MC = ATC.
Economics
Refer to Figure 3-2. A decrease in productivity would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Economics