Refer to the information provided in Figure 3.9 below to answer the following question(s).
Figure 3.9Refer to Figure 3.9. Assume there are only two people in the market for coconuts: Sasha and Kyle. Along the ________, at a price of $10, quantity demanded would be 5.
A. demand curve for either Sasha or Kyle
B. market demand curve
C. demand curve for Kyle only
D. demand curve for Sasha only
Answer: A
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Keynes argued that when interest rates were low relative to some normal value, people would expect bond prices to ________ so the quantity of money demanded would ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
An example of a perfectly competitive market would be the
a. cable TV market. b. soybean market. c. breakfast cereal market. d. shampoo market.
Suppose you see a 2006 Scion xB Sport Wagon advertised in the local newspaper for $4,500. If you knew the car was reliable, you would be willing to pay $6,000 for it. If you knew the car was unreliable, you would only be willing to pay $2,500 for it
Under what circumstances should you buy the car at the asking price? What will be an ideal response?
Refer to the graphs shown, which depict a perfectly competitive market and firm in a constant-cost industry. If market demand decreases from D0 to D1, in the long run:
A. some firms will exit this market and the price will return to P0. B. new firms will enter this market and the price will remain at P1. C. new firms will enter this market and the price will return to P0. D. some firms will exit this market and the price will remain at P1.