Scarcity arises because of
a. international trade disputes
b. our unwillingness to share earth's bounty
c. insatiable wants
d. limited natural resources
e. primitive technology
C
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Given a price elasticity of demand of -0.33, a decrease in price will
A) reduce total revenue. B) increase total revenue. C) leave total revenue unchanged. D) decrease quantity.
Which of the following would be most likely to cause the short-run aggregate supply curve to shift left?
A) A reduction in oil prices due to increased drilling. B) A decrease in investor confidence. C) A rise in government spending. D) A spike in food prices due to a drought.
When a market is in equilibrium:
A. both excess demand and excess supply are positive. B. there is neither excess demand nor excess supply. C. both excess demand and excess supply are positive and equal to each other. D. there is either excess demand or excess supply.
Figure 9.5Figure 9.5 shows the short-run and long-run effects of an increase in demand of an industry. The market is in equilibrium at point A, where 100 identical firms produce 6 units of a product per hour. If the market demand curve shifts to the right, what has happened to an individual firm's output level at point B?
A. Each firm produces two more units per hour. B. Each firm produces relatively smaller level of output as more firms enter the market. C. Each firm will produce the same level of output. D. None of these