Consider a  decreasing-cost purely competitive industry. Assume that the industry is initially in long-run equilibrium and that a decrease in consumer demand occurs. After all economic adjustments have been completed, product price will be:

If your purchases of canned beef  decreases from 5 cans to 3 cans per week when your income increases from $1000 to $1500 a week, other things equal. What is the value of your income elasticity?

The price of a product rises by 1% and the quantity of the product purchased falls by 5%. The price elasticity of demand is equal to _____, and demand is described as _____.

On a linear demand curve, demand at lower prices will be:

Suppose that a business incurred implicit costs of $200 and explicit costs of $5,000 in a specific year. If the firm sold 100 units of its output at $50 per unit, its accounting:  

The Duluth First Company is selling in a purely competitive market. Its output is 100 units, which sell at $4 each. At this level of output, total cost is $300, and total fixed cost is $90, and marginal cost is $4. The firm should:

Output Price Total Cost 0 $450 $250 1 $300 $260 2 $250 $290 3 $200 $350 4 $150 $480 5 $100 $700 The information above is based on a pure monopolist. At its profit-maximizing output, the given pure monopolist is earning an economic profit of $______Please do not input the $ sign. If your answer is $500 please input 500 for your answer.

Output Total Revenue Total Cost 0 $0 $50 1 $35 $74 2 $70 $94 3 $105 $117 4 $140 $142 5 $175 $172 The table above shows output, total revenue and total cost information for a purely competitive firm.  Refer to this information to answer the following question. The market price of the product in the short run is $ ___Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

In general, consumers will tend to pay a bigger share of a tax on a good if:

Suppose the government imposes a $3 excise tax on cigarettes and the price of cigarettes does not change