A fall in the price of a good causes an increase in its:
a. quantity demanded. b. demand.
c. quantity supplied. d. supply.
a
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The nature preservation services supplied by The Nature Conservancy which buys up ecologically important but endangered lands, is
a. nonrivalrous and nonexcludable. b. nonrivalrous and excludable. c. rival and nonexcludable. d. a private service.
Refer to the above figure. Line C in Panel B does NOT represent
A) the equilibrium price. B) average revenue. C) total revenue. D) marginal revenue.
What is the best inference about the impact of a decrease in transportation costs?
a. The demand and supply curves will shift out, which will increase quantities of goods. b. The supply curve will shift out, which will lead to lower prices to consumers. c. Farmers will earn a smaller share of the selling price of their crops. d. The demand curve will shift out, which will lead to higher prices and quantities of goods.
Wages under a bilateral monopoly are generally:
A. equal to those under a union monopoly. B. greater than those under a union monopoly but less than those under monopsony. C. greater than those under monopsony but less than those under a union monopoly. D. equal to those under monopsony.