A monopolistic competitor incurs losses if ________
A) price is higher than average total cost
B) price is lower than marginal cost
C) price is equal to marginal cost
D) price is lower than average total cost
D
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If there is an increase in the demand for automobiles, and at the same time auto workers receive a substantial raise, what will happen to equilibrium price and quantity in the automobile market?
a. Price and quantity will rise. b. Price and quantity will fall. c. Price will rise; quantity will fall. d. Quantity will rise; price change cannot be determined. e. Price will rise; quantity change cannot be determined.
Which of the following is a factor of production?
A) a necklace produced by a jewelry manufacturer B) 50 shares of Google stock C) the security guard at the local bank D) $1,000 in casino chips