When a consumer is able and willing to buy or service, he or she creates which of the following?
a) consumption
b) demand
c) elasticity
d) Allocation
Ans: b) demand
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A monopsonist is
a. a buyer who faces an upward-sloping supply curve. b. a buyer who faces a downward-sloping supply curve. c. a seller who faces an upward-sloping demand curve. d. a seller who faces a downward-sloping demand curve.
Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPhone. The CEO decided to decrease the price of iPhones in an attempt to increase total revenue from iPhone sales
One of his employees, Jess, disagrees and suggests that an iPhone price increase will increase total revenue. Who is CORRECT? A) The CEO is correct if demand is price elastic. B) The CEO is correct if demand is price inelastic. C) Jess is correct if demand is price elastic. D) Jess is correct if demand is unit elastic.
Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
Productivity is a measure of
A. Output per unit of input. B. Input per dollar of output. C. Input per unit of output. D. Output per dollar of input.