The emigration of some of Whoville's workers reduces the quantity of thingamabobs supplied at every price by 50 . The new supply curve will ____ the old supply curve
a. be steeper and less elastic at every price than
b. have the same slope and the same elasticity at every price as
c. have the same slope and be more elastic at every price than
d. More information is needed to predict the relationship between the elasticities of the two supply curves.
c
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We consider the preferences of the consumer because
A) we want to understand the consumer's reaction to changing circumstances. B) we want to determine the best marketing strategy. C) the government wants to make the best consumption and leisure choice. D) the firm needs to determine what to produce.
Entrepreneurial profits are very low because entrepreneurs are generally
a. overly pessimistic and receive psychological rewards for their work. b. overly pessimistic and incur psychological costs from their work. c. overly optimistic and receive psychological rewards for their work. d. overly optimistic and incur psychological costs from their work.