A favorable supply shock would
A) shift the production function up and decrease marginal products at every level of employment.
B) shift the production function down and decrease marginal products at every level of employment.
C) shift the production function down and increase marginal products at every level of employment.
D) shift the production function up and increase marginal products at every level of employment.
D
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Answer the following statement(s) true (T) or false (F)
1. An individual supply curve is a graphical representation of the quantity of goods and services that all the individual producers are willing and able to supply at various prices. 2. A shift in the entire supply curve is called a change in quantity supplied. 3. The supply of a good increases if the price of one of its substitutes in production falls. 4. If producers expect a higher price in the future, they will supply less now than they otherwise would have.
Which one of these firms would be a monopolistic competitor?
A. AT&T B. A local phone company C. A Tex-Mex restaurant in San Antonio, Texas D. The only used car dealer within 300 miles of Livingston, Montana