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1. other products equal, if the price of a key resource used to produce product X falls, the:
A. product supply curve X will shift to the right
B. product demand curve of X will shift to the right
C. product supply curve of X will shift to the left
D. product demand curve of X will shift to the right
2. Economic profits in an industry suggests the industry:
A can earn more profits by increasing product price
B. should be larger to better satisfy consumer demand.
C. has excess production capacity
D. Is the size that consumers want it to be
A. product supply curve X will shift to the right
B. product demand curve of X will shift to the right
C. product supply curve of X will shift to the left
D. product demand curve of X will shift to the right
2. Economic profits in an industry suggests the industry:
A can earn more profits by increasing product price
B. should be larger to better satisfy consumer demand.
C. has excess production capacity
D. Is the size that consumers want it to be