If the price of a product increases, we would expect
A. quantity supplied to increase.
B. the level of supply to increase.
C. the level of demand to decrease.
D. an increase in quantity demanded.
Answer: A
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The figure illustrates the demand for peanuts. If the price falls from $12 to $9 a bag, total revenue will ________, and if the price rises from $3 to $6 a bag, total revenue will ________
A) increase; decrease B) increase; increase C) decrease; increase D) decrease; decrease
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A)
If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point? A) none of the points shown B) B C) C D) E
Refer to Exhibit 15-5. At short-run equilibrium, this economy is in a(n) ___________________ gap. An economist who believes that the economy is self-regulating would assert that _____________________________.
a. inflationary; the SRAS curve will shift leftward sufficiently to close the inflationary gap b. recessionary; the SRAS curve will shift rightward sufficiently to close the recessionary gap c. inflationary; the AD curve will shift leftward sufficiently to close the inflationary gap d. recessionary; the AD curve will shift rightward sufficiently to close the recessionary gap
Enron was clearly a company riddled with fraud and its conduct drove it to bankruptcy. The text argues that individual behavior was not the core of Enron's problems. What were the problems with this corporation from an organizational architecture point of view?
What will be an ideal response?