Tom was out shopping for a sweater and learned that they will all go on sale tomorrow. We would expect Tom's demand for sweaters today to:
A. increase.
B. shift to the left.
C. move down along his demand curve.
D. shift to the right.
B. shift to the left.
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Refer to the market diagram. Relative to the surplus they would receive in a competitive market, consumers lose how much surplus because there is a monopoly?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area F + G + H
b. Area C + D + E
c. Area E + H
d. Area A + B
The figure above shows the market for coffee. If 10 million pounds of coffee a month are available, the ________ price that consumers are willing to pay for the last pound is ________
A) maximum; $2.00 B) maximum; $3.50 C) minimum; $2.00 D) minimum; $3.50
Lucky buys hats for $20 but Lucky will not sell one of her hats for less than $35. Lucky is ________
A) displaying the endowment effect B) making decisions using her prefrontal cortex C) exhibiting bounded self-interest D) showing unbounded will power
A public good or service can be consumed by paying and nonpaying customers alike
a. True b. False Indicate whether the statement is true or false