7-1 Scale and Scope
What is the difference between economies of scale and economies of scope?
1. Changes in prices of a good causes
a. movement along the demand curve.
b. movement along the supply curve.
c. no movement along either curve.
d. both a and b.
3. When demand for a product falls, which of the following events would you not necessarily expect to occur?
a. A decrease in the quantity of the product supplied
b. A decrease in its price
c. A decrease in the supply of the product
d. A leftward shift of the demand curve
9. The price of peanuts increases. At the same time, we see the price of jelly (which is often consumed with peanut butter) rise.
How does this affect the market for peanut butter?
a. The demand curve will shift to the left; the supply curve will shift to the left.
b. The demand curve will shift to the left; the supply curve will shift to the right.
The demand curve will shift to the right; the supply curve will shift to the left.
d. The demand curve will shift to the right; the supply curve will shift to the right.
9-4 Competitive Industries
Relative to managers in more monopolistic industries, are managers in more competitive industries more likely to spend their time on re ducing costs or on pricing strategies?
Answer each question
When demand for a product falls, which of the following events would you not necessarily expect to occur? a.
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7-1 Scale and Scope
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