How does a producer adjust the product price?
A: If nobody buys a product at a particular price, he adjusts it higher.
B: If some consumers buy it, but not enough to buy everything produced, producers must increase the price.
C: If some consumers buy it, but not enough to buy everything produced, producers must increase the supply.
D: Even if there is constant high demand for a product individual producers need to keep the price down.
A: If nobody buys a product at a particular price, he adjusts it higher.
B: If some consumers buy it, but not enough to buy everything produced, producers must increase the price.
C: If some consumers buy it, but not enough to buy everything produced, producers must increase the supply.
D: Even if there is constant high demand for a product individual producers need to keep the price down.
举一反三
- Producer surplus is equal to: A: the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B: the difference between the market price consumers are willing to pay for a product and the actual price they pay. C: the price a producer receives for a product minus the marginal cost of production. D: the economic profit earned from the sale of a good, minus its marginal cost of production.
- In a competitive market, no single producer can influence the market price because A: many other sellers are offering a product that is essentially identical. B: consumers have more influence over the market price than producers do. C: government intervention prevents firms from influencing price. D: producers agree not to change the price.
- Which of the following would increase quantity supplied, increase quantity demanded, and decrease the price that consumers pay? ( ) A: the imposition of a binding price floor . B: the removal of a binding price floor. C: the passage of a tax levied on producers. D: the repeal of a tax levied on producers .
- If the price of a product decreases by 10 per cent and sales increase by 5 per cent, demand for that product would be said to be price inelastic.
- Price discrimination occurs when: A: the same product is sold by a firm to different consumers for different prices. B: consumers sell products to one another. C: the same product is produced by a firm with different costs of production. D: a firm charges the same price to consumers with different levels of income.