Suppose an increase in population increases the demand for automobile repairs in New Haven County's market for auto repair, which is a perfectly competitive market. Which of the following is true in the short run? The market supply curve of auto repair services shifts to the left. Auto repair centers may be able to earn an economic profit. O Normal profits decrease. O The effect on equilibrium price and quantity is indeterminate. O After firms adjust to the new equilibrium, the price of auto repair services will exceed the marginal cost.

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At a price of x dollars, the supply function for a music player is q = 75e0.002, where q is in thousands of units. How many music players will be supplied at a price of 300? (Round to the nearest thousand.) thousand units Find the marginal supply Marginal supply(x) = Which is the best interpretation of the derivative? O The rate of change of the price as the quantity supplied increases The quantity supplied if the price increases O The rate of change of the quantity supplied as the price increases O The price at a given supply of units O The number of units that will be demanded at a given price

Imagine there is a market for erasers. This market has many companies selling identical erasers. After several years, however, many of these firms combine and become a few large companies. Now this market for erasers is only served by five firms selling erasers. Because of this, you would anticipate O an increase in total erasers sold and a decrease in the price of erasers. an increase in total erasers sold and an increase in the price of erasers. O a decrease in total erasers sold and a decrease in the price of erasers. O a decrease in total erasers sold and an increase in the price of erasers.