If supply decreases while demand is unchanged, the equilibrium price ____ and the equilibrium quantity ____. Question 24 options:
A. does not change; does not change
B. rises; decreases
C. rises; increases
D. falls; increases
E. falls; decreases
B. rises; decreases
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The cross elasticity of demand for pizza with respect to the price of a soda is
A) positive because the goods are complements. B) negative because the goods are complements. C) positive because the goods are substitutes. D) negative because the goods are substitutes.
Workers in durable-goods industries are ________ workers in service industries to lose their jobs during a recession.
A. much less likely than B. less likely than C. equally likely as D. more likely than
Figure 9.4 represents the market for used 12 megapixel digital cameras. Suppose buyers are willing to pay $400 for a plum (high-quality) used digital camera and $200 for a lemon (low-quality) used digital camera. If buyers believe that 50% of used digital cameras in the market are lemons (low quality), how many plums (high quality) will be supplied by sellers?
A. 50 B. 60 C. 150 D. 200
Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's total costs will be:
A. $300.
B. $248.
C. $198.
D. $126.