Exhibit 3-8 Demand and Supply Data for Video Games
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Price
Quantity Demanded
of Video Games
Quantity Supplied
of Video Games
$75
400
900
70
450
850
65
500
800
60
550
750
55
600
700
50
650
650
45
700
600
40
750
550
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In Exhibit 3-8, at any market price of video games above $50, a(n) ______________ would result, causing price to __________.
A. excess demand; rise
B. excess supply; rise
C. excess demand; fall
D. excess supply; fall
Answer: D
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A. explains movement up or down the aggregate demand curve B. magnifies the shifts of the aggregate demand curve C. is not at all relevant in the AD/AS model D. reverses the shift of the aggregate demand curve
Poland is classified as
A) an advanced economy. B) a developing economy. C) a transition economy. D) an emerging market economy. E) private economy.
Price discrimination is
a. The practice of charging different prices to different individual buyers or customer groups b. The practice of differentiating the product to make demand less elastic c. The practice of deciding a single price to be charged to customers d. Always illegal
You are considering buying a share of stock in Company ABC. At the end of years 1, 2, and 3 the stock will pay you a dividend of $10 . In addition, at the end of the third year you expect to sell the share of stock for $200 . If the interest rate is 5%, how much is the share of ABC stock worth to you today?
a. $200 b. $210 c. $220 d. $230