Tastes are starting to change for hybrid vehicles such that consumers are purchasing more hybrid vehicles and suppliers are choosing to produce more hybrid vehicles than they were five years ago
Due to the change in tastes, equilibrium price has fallen and equilibrium quantity has increased relative to the hybrid market from five years ago. What is the likely cause of this result? A) Supply increased by more than demand.
B) Demand increased by more than supply.
C) Demand and supply increased by the same amount.
D) Only supply increased.
A
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Regulation
A) always increases consumer surplus. B) passes the cost-benefit test. C) solves market failures of all size. D) None of the above.
A decrease in supply will increase prices most when demand is
A. perfectly inelastic. B. unit elastic. C. inelastic (but not perfectly inelastic). D. elastic.
Which of the following equations describes the government deficit?
A. G - TR - INT - T B. G + TR - INT - T C. G + TR + INT - T D. G - TR + INT - T
Indicators of economic activity that move at the same time as the overall economy are called ________ indicators.
A. short-term B. real C. long-term D. coincident