If a product becomes more popular and consumers want more produced, which of the following best describes what happens to move more factors of production into that industry?
A) An agency of the Federal government directs the movement of factors.
B) The chief executive officers or presidents of corporations require that factors leave one industry and move to the other industry.
C) Factor owners voluntarily move their factors because they want to satisfy the interests of consumers.
D) Wages, rent, interest, and profit increase in that industry, thereby giving factors the incentive to move to that industry.
E) Consumers increase their demand for the products and, as a result, the taxes the producers must pay decrease enabling the producers to hire more factors of production.
D
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People are compelled to make a choice because of the lack of time and money to buy everything they want
a. True b. False Indicate whether the statement is true or false
Answer the next question based on the following demand and cost data for a specific firm.Demand DataCost Data(1) Price(2) Price(3) QuantityTotal OutputTotal Cost$50$3522$4545303355402544703520559030156611525107714520588180If columns 1 and 3 are this firm's demand schedule, the profit-maximizing level of output will be
A. 6 units. B. 3 units. C. 4 units. D. 5 units.