If both market demand and supply decrease simultaneously, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; increase
b. indeterminate; decrease
c. decrease; indeterminate
d. decrease; decrease
c
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If official U.S. poverty statistics included in-kind transfer payments the:
a. poverty rate would be close to zero. b. poverty rate would be lower. c. government deficit would be lower. d. top 10 percent of those in the income distribution would be wealthier.
What is the opportunity cost of going from point D to point C?
In the long run, a perfectly competitive market will
A) produce only the quantity of output that yields a long-run profit for the typical firm. B) supply whatever amount consumers will buy at a price which earns the market an economic profit. C) supply whatever amount consumers demand at a price determined by the minimum point on the typical firm's average total cost curve. D) generate a long-run equilibrium where the typical firm operates at a loss.
A tax that is imposed on an imported good is called a
A. government license. B. quota. C. tariff. D. patent.