Whenever the supply of a product increases and the demand for the product decreases,
a. the quantity exchanged in the market will increase.
b. equilibrium price will rise.
c. the quantity exchanged in the market will decrease.
d. equilibrium price will fall.
d. equilibrium price will fall.
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The value of a country's exports during a particular year was $120,000 and the value of its imports was $85,000. Which of the following is true?
A) The country ran a fiscal deficit of $205,000 during that year. B) The country ran a trade surplus of $35,000 during that year. C) The country ran a budget surplus of $205,000 during that year. D) The country ran a trade deficit of $35,000 during that year.
Tennis balls and tennis rackets are complements. If a 3 percent change in the price of a tennis racket leads to a 9 change in the quantity of tennis balls demanded, the cross elasticity of demand equals
A) 3. B) -3. C) 1/3. D) -1/3. E) 9.
Figure 7-5
Which of the curves in Figure 7-5 could be a firm’s average fixed cost curve?
A. (a) B. (b) C. (c) D. (d)
Starting salaries for female OB/GYNs are higher than those of male OB/GYNs. What is the best explanation for this?
a. Female OB/GYNs have more human capital than male OB/GYNs. b. Female OB/GYNs are smarter than male OB/GYNs. c. The demand for female OB/GYNs is greater than the demand for male OB/GYNs. d. The demand for female OB/GYNs is less than the demand for male OB/GYNs. e. More males are in OB/GYN residency programs than females.