Question

Kristina Dushkina 10 failed legs since All else equal, if the price of a variable input falls, managers should decrease the use of that input and increase the use of other inputs. Question 23 Not yet answered Points out of 1.00 P Flag question Select one: • True False All of the following are true for a perfectly competitive firm's demand curve except which one? Question 24 Not yet answered Points out of 1.00 Flag question Select one: A. It is perfectly elastic. B. It is horizontal C. It is equal to the market demand curve. D. It is equal to the market price at all quantities. Question 25 If both the demand and the supply curves shift to the left the equilibrium quantity will fall, but the effect equilibrium price is ambiguous without more information Not yet answered Points out of 1.00 Select one:

Answer 1

(23) False

If price of a variable input falls, managers should increase its quantity, and decrease the quantity of other inputs.

(24) (C)

Firm's demand curve is the market price determined by market demand and supply. It is not the same as market demand curve.

(25) True

If leftward shift in demand is higher (lower) than the leftward shift in supply, then price will decrease (increase). If both shifts are equal, price will be the same.