11

docx

School

Far Eastern University Manila *

*We aren’t endorsed by this school

Course

102

Subject

Economics

Date

Nov 24, 2024

Type

docx

Pages

1

Uploaded by ProfessorSandpiper3655

Report
Which one of the following would cause the demand curve for a normal good to shift to the left? A change in consumers' tastes in favor of the commodity A rise in average household income A rise in the price of a complementary commodity A rise in the price of a substitute product A company operating in a perfectly competitive market has been paying $10 per hour for labor and $20 per hour to rent a piece of capital equipment. The firm can use labor and capital in any desired proportions to produce its product. If wages rise to $20 per hour and capital equipment rentals rise to $22 per hour, in the long run the firm will? Use less of both labor and equipment in its production, but in the same proportions as before.   Lower its average equipment-output ratio and raise its average labor-output ratio.   Use relatively more equipment and relatively less labor in its production.   Use relatively more labor and relatively less equipment in its production.   In the short run, the supply curve in a competitive market shows a positive relationship between price and quantity supplied because               CMA 1292 1-6   As the size of a business firm increases, price must rise.   Of the law of diminishing returns.   Increases in output imply a shift in consumer preferences, allowing a higher price.   Consumers will only buy more of a product at a higher price.  
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