Suppose that demand for portable power banks increases, and simultaneously, the supply of portable power banks increases. Which of the following would you conclude definitely will occur in the market for portable power banks?
A. The market clearing price will rise.
B. The market clearing price will fall.
C. The equilibrium quantity will fall.
D. The equilibrium quantity will rise.
Answer: D
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If the price of salt increases and the quantity demanded does not change, then
A) the price elasticity of demand is equal to zero. B) demand is perfectly inelastic. C) the demand curve for salt is horizontal. D) Both answers A and B are correct.
You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 ? 6Q, where Q = Q1 + Q2. The marginal costs associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. How much output should be produced in plant 1 in order to maximize profits?
A. 6 B. 12 C. 3 D. 9
The firm's break-even point occurs at an output of
A. 150.
B. 175.
C. 200.
D. 250.
For most countries, the Gini coefficient of market income is lower than the Gini coefficient of disposable income.
Answer the following statement true (T) or false (F)