If firm sales (revenue) is increasing but costs areincreasing faster (MR<MC) then:Answer: "Y" for Yes or "N" for NoHow are the following measures affected? *assume the following effects are in time order Increase (right)Decrease (left)No effectUnknownPreference for the good being sold Firm Profits Output Supply shifts Output market price Factor demand shifts (relative to output) Wages (income) Economic (Consumer) Welfare due to wage effect Labor supply shifts (due to wages) Leisure (due to wage change) Economic (Consumer) Welfare (overall) Demand for substitute goods Preference for related goods

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Answered: If firm sales (revenue) is increasing…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If firm sales (revenue) is increasing but costs are increasing faster (MR<MC) then:	Answer: "Y" for Yes or "N" for No
How are the following measures affected? *assume the following effects are in time order	Increase (right)	Decrease (left)	No effect	Unknown
Preference for the good being sold
Firm Profits
Output Supply shifts
Output market price
Factor demand shifts (relative to output)
Wages (income)
Economic (Consumer) Welfare due to wage effect
Labor supply shifts (due to wages)
Leisure (due to wage change)
Economic (Consumer) Welfare (overall)
Demand for substitute goods
Preference for related goods

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