The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000; P = $200/ounce, Q = 706,000. These points most likely lie along the
A. supply curve for gold for dental use.
B. demand curve for dental use.
C. equilibrium curve for dental use.
D. production possibilities curve for dental use.
Answer: B
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Horizontal summing of individual demands yields
a. the market demand for a private good b. the market supply of a private good c. the market demand for a public good d. the market supply of a public good
There are 1,000 identical firms in a price-taker industry. In the short run, the total revenues of each firm are less than total costs. What will happen in the long run?
a. Nothing, because each firm is already maximizing its profits. b. Additional firms will enter the market, and price will be driven down to where each firm will be making just enough to stay in business (cover its variable costs). c. Additional firms will enter the market, but the price will remain the same because the existing firms will not allow it to decrease. d. Firms will exit the market, and the product price will rise.
Which of the following exemplifies regressive taxation?
a. U.S. income tax b. U.S. payroll taxes for Social Security c. Ad valorem tax d. Corporate tax
As you move down an indifference curve, the absolute value of the slope
A. decreases. B. remains constant. C. increases. D. initially decreases and then increases.