If the United States placed an embargo on Swedish products, what would happen in the U.S. market for Swedish furniture?
A) The demand curve would shift to the right. B) The supply curve would shift to the right.
C) The supply curve would shift to the left. D) The demand curve would shift to the left.
C
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The cross-price elasticity of demand measures the
A) percentage change in the quantity demanded of one good in one location divided by the price of the same good in another location. B) absolute change in the quantity demanded of one good divided by the absolute change in the price of another good. C) percentage change in the quantity demanded of one good divided by the percentage change in the price of another good. D) percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.
An increase in price, facing a perfectly competitive firm, means that the profit-maximizing output level will increase
a. True b. False Indicate whether the statement is true or false
Which is not a determinant of the price elasticity of demand for most products?
A. The proportion of most consumers' budget spent on the product B. The slope of the demand curve for a product C. The amount of time consumers have to adjust their purchases of a product to a change in its price D. The number of good substitutes available for the product
An increase in income (all else equal) will ALWAYS lead to a parallel shift of the budget line
Indicate whether the statement is true or false