If consumers suddenly have a greater desire for energy drinks, the price of energy drinks will likely ________ and producers will ________ production
A) increase; decrease
B) increase; increase
C) decrease; decrease
D) decrease; increase
Ans: B) increase; increase
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Lisa is spending all of her income on compact discs and downloadable games for her smart phone. She finds that the marginal utility from the last compact disc she buys is 30 and the marginal utility from the last downloadable game is 10
The price of a compact disc is $15 and the price of a downloadable game is $5. Lisa should A) increase her consumption of compact discs. B) increase her consumption of downloadable games. C) not change her consumption of downloadable games and compact discs. D) decrease the price of downloadable games.
What is price discrimination? Give examples of price discrimination
What will be an ideal response?
It is necessary for all economic systems to provide people with goods and services and also restrict them from getting as much of these goods and services as they wish, because failure to do this could ________ the efficiency of the system by
producing some goods and services that are ________. A) reduce; valued more than others B) increase; valued more than others C) increase; not as highly valued as others D) reduce; not as highly valued as others
Which type of unemployment does not contribute to the natural rate of unemployment?
A. Frictional B. Structural C. Real-wage D. Cyclical