Question: What Most Likely Will Happen If The Pie Maker Continues To Make Additional Pies?

What most likely will happen if the pie maker bakes a 7th pie?

What most likely will happen if the pie maker bakes a seventh pie? The marginal revenue will most likely remain the same, not decrease to $8.00. The marginal revenue will most likely remain the same, not increase to $12.00.

How much money can be made if a producer sells one additional unit of a good?

Answer Expert Verified. Marginal revenue shows how much money can be made if a producer sells one more additional unit of a good.

Why is pure competition considered an unsustainable system quizlet?

Why is pure competition considered an unsustainable system? Producers cannot make a profit if they keep dropping their prices. Excess supply is created when price or move away from the equilibrium point. If supply for a product is low but demand is high, what most likely needs to happen to achieve equilibrium?

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Which is the best title for this diagram the definition of supply factors that affect supply elasticity and competition the law of supply?

The best title for the chart is “Factors That Affect Supply “. The supply of goods and services responds to the stimulus of the economy and the law of supply and demand, according to which supply and demand for goods and services determine market prices.

Does a depression always follow a recession?

Does a depression always follow a recession? No, a depression is indicated when the recession is exceptionally long.

Which quality best describes a producer with an absolute advantage?

This four qualities which are, efficient, fast, accurate, prolific are referring to one best quality which is for being very productive. Speaking of producer meaning is to produce plenty and it is 100% efficient, and it is an absolute advantage.

Which explains Lauren’s error?

Which explains Lauren’s error? Lauren made an error in step 3 because she should have subtracted the expenses from the income. A____ form must be filled out when someone is hired for a job to determine how much income tax will be withheld.

Why does Mr Mc maximize profit?

Maximum profit is the level of output where MC equals MR. As long as the revenue of producing another unit of output (MR) is greater than the cost of producing that unit of output (MC), the firm will increase its profit by using more variable input to produce more output. Thus, the firm will not produce that unit.

What is a right shift of the demand curve called?

Any change that increases the demand shifts the demand curve to the right and is called an increase in demand. Any change that reduces the quantity demanded at every price shifts the demand curve to the left and is called a decrease in demand.

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What type of labor force might a pottery factory want to focus on when hiring?

Highly skilled labor force might a pottery factory want to focus while hiring. Further Explanations: Pottery can be explained as the processes involving in the shaping of vessels with clay and other ceramic substances and then hardening it by placing it at high temperature.

Why is pure competition considered an unsustainable?

The reason why pure competition is considered an unsustainable system because with pure competition, both sellers and buyers would not be able to control or manipulate the market.

Which events could cause the change in supply?

Factors that can shift the supply curve for goods and services, causing a different quantity to be supplied at any given price, include input prices, natural conditions, changes in technology, and government taxes, regulations, or subsidies.

What are the 6 factors that affect supply?

6 Factors Affecting the Supply of a Commodity (Individual Supply) | Economics

  • Price of the given Commodity:
  • Prices of Other Goods:
  • Prices of Factors of Production (inputs):
  • State of Technology:
  • Government Policy (Taxation Policy):
  • Goals / Objectives of the firm:

What is a good example of supply and demand?

There is a drought and very few strawberries are available. More people want strawberries than there are berries available. The price of strawberries increases dramatically. A huge wave of new, unskilled workers come to a city and all of the workers are willing to take jobs at low wages.

What is the change in demand?

A change in demand represents a shift in consumer desire to purchase a particular good or service, irrespective of a variation in its price. An increase and decrease in total market demand is represented graphically in the demand curve.

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