Use the figure below to answer the following question.
An increase in quantity supplied caused by a change in price is depicted by a
A. movement from point y to point x.
B. shift from S1 to S2.
C. movement from point x to point y.
D. shift from S2 to S1.
Answer: A
Economics
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Firms in monopolistic competition can achieve product differentiation by
A) expanding plant size. B) exploiting economies of scale in production. C) advertising special characteristics. D) setting the price equal to average revenue.
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If the income elasticity of demand for a good is positive, the good is a normal good
a. True b. False Indicate whether the statement is true or false
Economics