Judging from this graph, which of the following happens if supply remains unchanged and demand increases?
a. Quantity becomes indeterminate.
b. Quantity falls.
c. Price falls.
d. Price rises.
d. Price rises.
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If the federal government were to run a budget deficit, this would:
a. increase the size of the national debt. b. reduce the size of the national debt. c. leave the size of the national debt unchanged. d. increase the national debt only if the government also expands the supply of money.
Cartels in the United States are
a. legal if price is competitively arrived at b. legal if all firms in the industry agree to the terms of the cartel c. legal if all conditions of the cartel are made public d. legal if economic profit earned by the cartel is evenly distributed among the cartel members e. illegal
In long-run perfect competition, no firm can earn a normal profit
Indicate whether the statement is true or false
Suppose a vote was taken in a small town of 11 people to determine how much of the budget should go toward education spending. Five individuals want 10 percent, five individuals want 80 percent and one person wants 25 percent. According to the median-voter theorem, the chosen amount to spend on education will be ________ of the budget.
A. 25% B. 45 % C. 10 % D. 80 %