If a significant number of consumers switch from ordering food delivery from traditional restaurants to ordering from "ghost restaurants," a "ghost restaurant" will likely find its demand curve shifting to the ________ and its marginal revenue curve
shifting to the ________ as more competitors enter the market.
A) right; right
B) right; left
C) left; right
D) left; left
Answer: D
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Demand for a good becomes more elastic as:
a. the number of substitutes available declines. b. the time period under consideration becomes shorter. c. a good makes up a larger percentage of a consumer's budget. d. a good makes up a smaller percentage of a consumer's budget. e. the producer has more time to respond to price changes.
The total tariff revenue to the government of an imported good is found by adding the tariff to the quantity of the good imported
a. True b. False Indicate whether the statement is true or false
If the equilibrium interest rate is 4% but the current interest rate is 6%,
a. bond prices will rise. b. money demand will decrease. c. money demand will increase. d. bond prices will fall. e. the money supply will decrease.
Figure 10-6
Given the aggregate demand and aggregate supply curves for the economy depicted in , the economy's current output and price level are
a.
output y1 and price level P2.
b.
output y2 and price level P1.
c.
output y1 and price level P3.
d.
output y2 and price level P3.