The price of gasoline has risen and the quantity sold has fallen. This was likely caused by
A. a rise in the price of crude oil.
B. a seasonal rise in the demand for gasoline.
C. use of a new public transit system.
D. the discovery of crude oil deposits in South Dakota.
Answer: A
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The above figures show the market for hamburger meat. Which figure shows the effect when more farmers decide to raise cows that are processed into hamburger meat?
A) Figure A B) Figure B C) Figure C D) Figure D
How does a monopolist choose the profit maximizing output-price combination?
Unionized workers may be able to negotiate with management for higher wages during periods of economic prosperity. Suppose that workers at automobile assembly plants successfully negotiate a significant increase in their wage package. How would the new wage contract be likely to affect the market supply of new cars?
a. Supply will not shift, but the quantity of cars produced per month will decrease. b. Supply will shift to the right. c. Supply will shift to the left. d. Supply will not shift, but the quantity of cars produced per month will increase.
It is most likely that the federal government will never actually pay off the national debt.
Answer the following statement true (T) or false (F)