Other things equal, when the price of a good rises, the
a. quantity demanded of the good increases.
b. supply increases.
c. quantity supplied of the good increases.
d. demand curve shifts to the left.
Answer: c. quantity supplied of the good increases.
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Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ________ marginal utility and bring a ________ consumer surplus
A) small; small; large; large B) large; large; small; small C) small; large; large; small D) large; small; small; large
The amount that a firm receives from the sale of goods and services is:
A. total profit. B. total revenue. C. total cost. D. total benefit.
Which would best describe an oligopolized industry?
A. An industry dominated by two or three large firms B. An industry dominated by one large firm C. An industry with a very low concentration ratio D. An industry with many firms
Which of the following is an example of a stock rather than a flow?
A. Ana collects $5,000 per month rent on her property that she leases. B. Brant mows 25 lawns per week. C. Connie earns $75,000 per year. D. Derek has $2,568 in his checking account.