One reason the supply of cell phones has increased is:
A. cell phone towers are much more common.
B. better technology allows them to be produced more cheaply.
C. consumer preferences for cell phones has increased.
D. expectations of the near future are that no landlines will exist.
B. better technology allows them to be produced more cheaply.
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With only two goods, if the income effect is in the same direction as the substitution effect then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.
If positive externalities are present in the production of a good, then society will:
a. produce too much of the good since the marginal private benefit to consumers is less than the marginal social benefit. b. produce too little of the good since the marginal private benefit to consumers is greater than the marginal social benefit. c. produce too much of the good since the marginal private benefit to consumers is greater than the marginal social benefit. d. produce too little of the good since the marginal private benefit to consumers is less than the marginal social benefit.
A craze for apples in Riverdale increases the quantity demanded at every price by five bushels. Between any two prices, the new demand curve will be ____ the old demand curve
a. more elastic than b. less elastic than c. equal in elasticity to d. More information is needed to predict the relationship.
If a country is a net importer of a good, the price of that good will ________ when the economy goes from closed to open for trade.
A. increase B. stay the same C. decrease D. first increase then decrease