Which of the following statements about demand is true?
a. Since most college students want a Mercedes sports coupe, their demand for it is high.
b. If price increases, the demand curve shifts to the right.
c. The demand curve for bacon will not shift when the price of bacon changes.
d. If a supply curve shifts, thereby changing the price, the demand curve will shift as well.
e. If a demand curve shifts, the supply curve will shift as well, whether or not the price changes.
C
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The price of apples is currently $1 per pound. If apples are sold in a competitive market and the price of apples increases to $2 per pound, the marginal revenue product (MRP) of labor used to produce apples would
A. double. B. change in a manner that cannot be determined without additional information. C. be cut in half. D. not change.
You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is
A) working and doing fix-up projects. B) working or doing fix-up projects, depending on which you would have done otherwise. C) working, because you would be giving up income. D) nothing because you will enjoy the trip to Florida.
What is used to illustrate an independent relationship between two variables?
a. A horizontal or vertical line b. An upward-sloping curve c. A downward-sloping curve d. A hill-shaped curve
The selling of stock is debt financing for a corporation.
Answer the following statement true (T) or false (F)