Which ONE of the following circumstances is essential if producer incomes are to rise following the imposition of a price floor (minimum price) in a market?
In a supply and demand diagram, other things remaining the same, an increase in production costs will normally shift:
A typical supply curve of a good shows:
XYZ plc has relocated its head office to a new site which enjoys better road communications and is close to a training college that teaches the skills needed to work at XYZ plc. Why will XYZ's costs fall?
All the following statements about small firms are correct except one. Which statement is incorrect?
If a firm wishes to maximize market share without incurring a loss, it should set its price where
When the government intervenes in the market economy to correct a market failure
Which ONE of the following statements best describes the impact of a government minimum price established above free market price?
Which of the following are examples of long run internal economies of scale?
i. Mass production using robot machine tool technology
ii. Obtaining lower prices when buying raw materials in bulk
iii. Long run technical change in the industry
iv. The emergence of specialized training institutions for the industry
v. Lower borrowing costs for large firms
vi. The spreading of fixed costs over a larger output
If, when the price of a good increases, the total revenue received by the supplier decreases, then
