Refer to Scenario 2.2. Under what circumstances will the equilibrium level of output of dental care increase?
A) If supply shifts more than demand.
B) If demand shifts more than supply.
C) If both demand and supply shift by the same magnitude.
D) If supply and demand both decrease.
B
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In the long run, a monopolistic competitor: a. earns a normal rate of return
b. sells a level of output at which marginal revenue is less than price. c. sells a level of output at which marginal revenue equals marginal cost. d. is characterized by all of the above.
A relatively large increase in the cost of electricity would likely
a. result in a large increase in the use of gas for home use immediately. b. cause an immediate large decline in the use of electricity. c. increase the use of gas and decrease the use of electricity after a time lapse. d. cause an equal reduction in the use of electricity immediately.