Demand for a product is given by Q = 100 - P and supply is given by Q = P - 10. If the quantity demanded rises by 10 units at every possible price, then the equilibrium price will
a. increase by $5
b. increase by $10
c. decrease by $5
d. increase by $7.50
a. increase by $5
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The slope of a curved line at a particular point is
A. always greater than the slope of a straight line at the same point. B. always smaller than the slope of a straight line at the same point. C. defined as the slope of the straight line representing the average values for the entire curve. D. defined as the slope of the straight line that is tangent to the curve at that point.
From left to right, the horizontal axis of the Lorenz curve ranks households from
A) smallest to largest. B) largest to smallest. C) poorest to richest. D) richest to poorest.
International trade between two countries
A) benefits only the receiving country. B) benefits only the sending country. C) benefits both countries. D) benefits neither country.
Suppose Lisa spends all of her money on books and bagels, and a bagel is an inferior good for her. When the price of coffee increases, the
A) consumption of coffee will fall. B) consumption of coffee will rise. C) consumption of coffee will not change. D) Not enough information.