The equilibrium price is the price at which the quantity
A) sold equals the quantity bought.
B) demanded equals the quantity sold.
C) demanded equals the quantity supplied.
D) supplied equals the quantity bought.
Answer: C) demanded equals the quantity supplied.
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Figure 5-6
In Figure 5-6, a shift in the budget line from AC to AB indicates
A. the price of wine coolers has risen. B. income has increased. C. the price of beer has fallen. D. the price of wine coolers has fallen. E. All of the responses are correct.
Keith just got an iPhone 5 for his birthday, and he quickly switches his data over and throws his iPhone 4 in a drawer and forgets about it. Economists would say this behavior is ___________ and would use the concept of ________________ to explain this choice.
A. rational; the implicit cost of ownership B. irrational; the implicit cost of ownership C. irrational; ignoring sunk costs D. rational; considering sunk costs
Which of the following transitional economies has become a high-income nation?
a. Czech Republic b. Kazakhstan c. China d. Vietnam e. None of the answers is correct
Selling at a price that is only slightly above the firm's cost of production is called predatory pricing
a. True b. False Indicate whether the statement is true or false