A change in demand means there has been a shift in the demand curve, and a change in quantity demanded
A. Means that price has changed and there is movement along the demand curve.
B. Means a shortage or surplus will result from holding prices constant.
C. Results from a change in price of other goods.
D. Also means demand has shifted.
Answer: A
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For a restaurant, all the following are fixed costs, except
a. Space rental b. Advertising c. Raw material cost d. All of the above-they are all variable costs
Monopolists may in the long run
A. earn positive economic profit. B. be protected by barriers to entry. C. grow wealthy at the expense of their consumers. D. All of these responses are correct.
If Paul decides to buy a $60 ticket to a Cirque du Soleil show rather than a $45 ticket for a Blue Man Group performance, we can conclude that
A) the marginal utility per dollar spent on Cirque du Soleil is lower than the marginal utility per dollar spent on Blue Man Group. B) Paul's demand for a ticket to see Cirque du Soleil is more elastic than his demand for a ticket to see Blue Man Group. C) Paul is not making a rational choice. D) the marginal utility per dollar spent on Cirque du Soleil is higher than the marginal utility per dollar spent on Blue Man Group.
If the price of carrots is below the equilibrium price, the
A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists. B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists. C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists. D) quantity supplied of carrots equals the quantity demanded. E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.