If the supply of and demand for a product decrease at the same time, then equilibrium
A) quantity and equilibrium price must both decline.
B) quantity must decline, but equilibrium price may either rise, fall, or remain unchanged.
C) price must fall, but equilibrium quantity may either rise, fall, or remain unchanged.
D) quantity must fall and equilibrium price must rise.
B
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Under a marginal cost pricing rule, a natural monopoly
A) makes a reasonable profit. B) makes an economic profit. C) earns accounting profits, but breaks even in economic terms. D) incurs an economic loss. E) makes a normal profit, but it cannot be determined whether or not it makes an accounting profit.
Examples of graphs of a single variable include pie charts, bar graphs, and time-series graphs
a. True b. False Indicate whether the statement is true or false
Which English philosopher set out to develop an arithmetic formula for measuring happiness and along the way invented the util?
A. Milton Friedman B. Adam Smith C. Jeremy Bentham D. John Maynard Keynes
Aggregate output will increase if there is a(n)
A. unplanned fall in inventories. B. decrease in consumption. C. unplanned rise in inventories. D. increase in saving.