A television station reports that the price of orange juice has declined but the quantity sold has increased. This situation would be caused by a(n):
a. Increase in demand
b. Increase in supply
c. Decrease in supply
d. Decrease in demand
b. Increase in supply
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Which of the following documents established "rules of the game"?
A) The Book of Exodus B) The Scrabble Players Dictionary C) The Bylaws of the AFL-CIO D) The Constitution of South Africa E) All of the above.
Refer to Figure 9-3. What is the area of domestic producer surplus without a quota?
A) A + B + C B) C C) A + B + C + D D) C + B
Which of the following is a plausible reason that restaurants offer "Senior Citizen Discounts"?
A) Senior citizens tend to have relatively more elastic demands for restaurant meals than other consumer groups. B) Senior citizens tend to have relatively more inelastic demands for restaurant meals. than other consumer groups. C) Senior citizens are not very sensitive to changes in prices. D) Senior citizens are easily fooled by "come-ons" and are therefore frequently victims of price discrimination.
Oligopoly is characterized by
A. some industries producing differentiated products. B. some industries producing identical products. C. few firms. D. all of the choices.