Which of the following does NOT shift the supply curve?
A) a technological advance
B) a decrease in the wages of labor used in production of the good
C) a fall in the price of a substitute in production
D) an increase in the price of the good
D
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Along a straight line, when x equals 90, then y equals 30. When x equals 120, then y equals 40. The slope of the straight line is
A) 1/3. B) -1/3. C) 3. D) -3.
The U.S. beer industry is characterized by market power for only a few firms, with the largest firm enjoying a 50% market share. One reason for this is economies of scale. Economies of scale means that:
a. as beer production increases, costs increase significantly. b. patents have allowed beer producers to have low costs of production. c. as beer production increases, the average total cost of production falls. d. if the industry were made perfectly competitive, the costs of production would fall.