Demand is defined as
A) a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant.
B) a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant.
C) a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant.
D) a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant.
Answer: A
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Suppose group price discrimination is possible; however, a firm sets the same price in each market. As a result,
A) price elasticity of demand is the same in each market. B) the price-inelastic market will buy zero units. C) marginal revenue in the more price-elastic market exceeds marginal revenue in the less price-elastic market. D) the deadweight loss is less than if the firm price discriminated.
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
If the manufacturer of the new drug chose to increase its price from $30 to $35, consumers would buy ________ doses, and have ________ total expenditures.
A. more; lower B. fewer; higher C. more; higher D. fewer; lower
Which of the following is the most likely to be a fixed factor of production at a farm?
A. The number of workers hired to harvest the crops B. The amount of water used each day C. The land on which the farm is located D. The amount of fertilizer used each week
Use the following figure to answer the next question.
If box E represents government, box C businesses, box D the resource market, and box B the product market, then government purchases of computers, office supplies, and military hardware would be illustrated by arrows
A. 7 and 8. B. 5 and 6. C. 9 and 10. D. 10 and 11.