An increase in demand:
A. results in a leftward shift of the demand curve.
B. could be caused by a decrease in the price of the good.
C. could be caused by an increase in the price of a substitute good.
D. is shown as movement down along a demand curve.
Answer: C
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If regulators of the local gas and water utility companies require those firms to price their service at marginal cost
A) there would be a deadweight loss in their markets. B) the firms might require a tax-financed subsidy to survive. C) their customers would enjoy no consumer surplus. D) None of the above answers are correct.
Billie's Billiard Barn has seen its business slow down ever since Patti's Ping Pong Parlour opened up across the street
Since the opening of Patti's Ping Pong Parlour, the opportunity cost of shooting pool at Billie's Billiard Barn has ________ for Billie's customers who also like to play ping pong. A) not changed. B) decreased. C) fallen to zero. D) increased.
The Internet was first developed in the
a. business sector. b. government sector. c. corporate sector. d. college dorm room of Bill Gates.
The international movement of factors of production:
a. is prohibited by the Geneva Convention. b. is completely free of restrictions everywhere in the world. c. tends to make the prices paid to factors of production among countries move further apart over time. d. tends to make the prices paid to the factors of production among countries more similar over time.