The price of iPhones has fallen dramatically. Which of the following is likely to happen?
A. The quantity of iPhones supplied will decrease.
B. The quantity of iPhones supplied will increase.
C. The supply of iPhones will decrease.
D. The supply of iPhones will increase.
Answer: A
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When investment increases, the multiplier points out that
A) consumption decreases by a greater amount. B) consumption increases by the same amount. C) real GDP increases by a greater amount. D) ultimately investment increases by more than the initial increase. E) real GDP decreases by a greater amount.
Why are estimated models of demand and consumer behavior useful to managers?
What will be an ideal response?
Given the information in Figure 14.4, the competitive wage rate is:
A) W1. B) W2. C) W3. D) W4. E) none of the above
If the market price falls from P0 to P1 in the above figure, then
A) a new equilibrium quantity is established. B) there is a shortage equal to the distance EF. C) there will be a further tendency for price to fall. D) there is a surplus of goods on the market equal to the distance Q1, Q2.