Which of the following would shift the supply curve for MP3 players to the left?
A) an increase in the price of an input used to produce MP3 players
B) a decrease in consumer tastes for MP3 players
C) an increase in the productivity of the workers who produce MP3 players
D) an increase in the number of firms that produce MP3 players
A
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A monopoly firm is charging the price the market will bear at a level of output where MC equals $6 and is increasing, MR equals $9, and average variable cost equals $5 . To maximize profits, the firm should: a. increase both output and price
b. increase output but decrease the price. c. decrease output and increase the price. d. decrease both output and price.
Specialization refers to
a. one person performing a wide variety of tasks b. labor replacing capital in production c. capital replacing labor in production d. limiting the number of tasks a resource performs e. performing all tasks with only one resource