What explains the increase in supply and fall in price of HDTVs during from 2010 to 2015?
A) Technological innovations that reduced the cost of production
B) Fewer producers in the industry
C) A fall in demand for HDTVs as more people turned toward superior substitutes
D) None of the above.
A
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Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets. Which method of allocation best describes the choice to purchase the sets?
A) force B) sharing equally C) command D) majority rule E) lottery
What would happen in the market for laser eye surgery if insurance companies started to cover a portion of the price of voluntary procedures?
A) Demand and supply will both increase. B) Demand will increase, but this will not shift the supply curve. C) Supply will increase, but this will not shift the demand curve. D) Demand will increase and supply will decrease.
Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to
a. a higher price. b. decreased consumer surplus. c. the elimination of economic profit. d. less output.
Competition among decentralized governmental units will
A) make it more difficult for citizens to satisfy their preferences with regard to the goods and services supplied by governments. B) result in wasteful duplication and inefficiency in production of governmental services. C) strengthen the incentive of governments to operate efficiently and cater to the views of citizens. D) evolve naturally because local governments will want to compete with each other.