Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. Suppose demand for wheat is initially D2. If the price of rice (a substitute for wheat) falls, then demand for wheat will shift to ________. This will ________ the equilibrium price of wheat, and individual profit-maximizing firms will produce ________ bushels of wheat.
A. D3; increase; 15
B. D1; decrease; 0
C. D1; increase; 13
D. D3; decrease; 10
Answer: B
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If a good that generates positive externalities were produced and priced to take into account these spillover benefits, then its:
A. price and output would increase. B. output would increase, but price would remain constant. C. price would increase and output would decrease. D. price would increase, but output would remain constant.
Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. As a result of the recall, you would expect that
A. the price of mustard would increase and both the quantity of mustard supplied and the quantity of mustard demanded would increase. B. the price of mustard would increase, the supply of mustard would increase, and the quantity demanded of mustard would decrease. C. the supply of mustard would decrease, the price of mustard would increase, and the demand for mustard would decrease. D. the supply of mustard would decrease, the price of mustard would increase, and the quantity demanded of mustard would decrease.
Which form of intellectual property protects a song writer?
A. Trademark B. Patent C. Copymark D. Copyright
A rightward shift of the investment demand curve will:
A. Shift the investment schedule downward B. Shift the investment schedule upward C. Decrease the quantity of investment D. Decrease the real rate of interest