Does a subsidy to sellers affect the demand curve?
A. Yes, it shifts demand up by the amount of the subsidy.
B. Yes, it shifts demand to the right by the amount of the subsidy.
C. No, the quantity demanded will increase, but the demand curve does not move.
D. No, the quantity demanded will decrease, but the demand curve does not move.
C. No, the quantity demanded will increase, but the demand curve does not move.
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Refer to the table above. What is the opportunity cost of commute per month to work if Ryan rents Apartment 2?
A) $20 B) $150 C) $200 D) $300
Price elasticity of demand relates to the
a. sensitivity of people's quantity demanded to changes in price b. sensitivity of price to changes in people's quantity demanded c. percentage shifts in demand when price changes d. percentage shifts in demand for every one-percent change in price e. ratio of actual to expected price changes
Which of the following would not result from a price ceiling (set below the equilibrium price)?
A) a shortage B) fewer exchanges C) an increase in supply D) nonprice rationing devices
Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she is never satisfied. Why not?
A. Blair fails to choose rationally. B. Utility is unrelated to the level of consumption. C. People's wants are unlimited. D. The law of diminishing marginal utility shows that consuming too many material goods lowers total utility.