Sue went to the store and milk was on sale so she was able to buy some cookies also. What is this an example of?
a. The Law of Demand
b. The Law of Supply
c. The Substitution Effect
d. The Income Effect
d
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Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week(millions of gallons) Price pergallon 6 $3.00 5 2.50 4 2.00 3 1.50 2 1.00 1 .50 As shown in Exhibit 3-5, the price and quantity supplied by sellers of Tucker's Cola have a(n) ____ relationship.
A. direct. B. inverse. C. negative. D. zero.
Refer to the given figure.
________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________.
A. Rising; A; C B. Falling; A; B C. Falling; A; C D. Rising; B; C
Suppose the supply of product X is perfectly inelastic. If there is an increase in the demand for this product, equilibrium price:
A. will decrease but equilibrium quantity will increase. B. and quantity will both decrease. C. will increase, but equilibrium quantity will decline. D. will increase, but equilibrium quantity will be unchanged.
Which of the following has been a significant factor in the ability of iPads to compete effectively against laptop and desktop computers?
A. iPads are often superior to laptop and desktop computers in their ability to create content. B. A scarcity of production capacity has curtailed the manufacture of laptop and desktop computers. C. Many consumers perceive that iPads are superior to laptops and desktop computers for the consumption of digital media. D. The prices of laptops and desktop computers have increased dramatically.