If equilibrium price falls and the equilibrium quantity of the good purchased decreases, what has happened to either the supply curve or to the demand curve?
A) Supply increased.
B) Demand decreased.
C) Demand increased.
D) Supply decreased.
Answer: B
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Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that
A) the total amount of wheat produced more than doubled. B) the amount of land and other resources devoted to wheat production more than doubled. C) the amount of wheat produced by the average farmer more than doubled. D) the incomes of wheat farmers more than doubled.
The airline and long-distance telephone service industries are examples of
a. monopolistic competition b. monopolies c. oligopolies d. perfect competition e. oligopolistic competition
Goodyear Tire and Rubber Company and the United Steelworkers recently
A. ended a bitter strike. B. went to arbitration to avert a strike. C. agreed to major concessions including a wage freeze, job cuts, plant upgrades, and limited imports. D. agreed to large pay increases tied to productivity gains.
Recall the Application about the Native American Tribes in Michigan that had a monopoly in casino gambling to answer the following question(s).Recall the Application. The tribes agreed to pay the state a share of their profits in exchange for being granted a monopoly in casino gambling. What economic concept does this illustrate?
A. profit maximization B. rent seeking C. irrational behavior D. None of these