Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market?
a. high prices
b. low price elasticity of demand
c. high compatibility of member interests
d. unequal member ownership of the natural resource
d
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The economy is in its short run equilibrium at the point where the
A) price level is stable. B) SAS curve intersects the LAS curve. C) AD curve intersects the LAS curve. D) AD curve intersects the SAS curve.
The graph below represents the market for alfalfa. The equilibrium price is $7.00 per bushel, but the market price is $9.00 per bushel
Identify the areas representing consumer surplus, producer surplus, and deadweight loss at the equilibrium price of $7.00 and at the market price of $9.00.
The short-run Phillips curve will shift if there is
A) a change in inflation expectations. B) an increase in inflation that is unanticipated. C) an increase in the unemployment rate. D) a decrease in inflation that is unanticipated.
The Malthusian model emphasizes fixity in which of the following factors of production?
A) labor B) land C) energy D) none of the above