Suppose the price of copper and the quantity of copper both rose at the same time. Whatmight be the likely explanation of this using supply and demand analysis?
What will be an ideal response?
The likelihood is that the demand for copper rose. This drove up the price but at the same time it pushed the market up and along the supply curve for copper which induced firms to produce more of it.
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Which of the following firms is most likely to use cost-plus pricing?
A) A firm that makes many products but has a small research and development budget, the cost of which can be easily assigned to the different product lines. B) A firm that sells one product and has a sizable research and development budget. C) A firm that makes several products and has a sizable research and development budget, the cost of which cannot be easily assigned to each product. D) A firm that makes one product.
Every individual has a labor supply curve in each market where there is a possible use for his/her labor
a. True b. False