An increase in demand for chocolate chips results in a(n)
a. higher equilibrium price and a lower equilibrium quantity
b. lower equilibrium price and a lower equilibrium quantity
c. lower equilibrium price and a higher equilibrium quantity
d. higher equilibrium price and a higher equilibrium quantity
e. increase in the supply of chocolate chips
D
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According to the Hotelling Principle, the price of an nonrenewable resource
A) falls slowly over time. B) falls at a rate equal to the interest rate. C) rises at a rate equal to the interest rate. D) remains constant over time.
The figure above shows the costs and demand curves for the Bigshow Cable Company. If the regulator wants to set the price so that Bigshow earns the same normal profit as a perfectly competitive firm, what price should be set?
A) $8 B) $6 C) $4 D) $2
Refer to the above figure. An unregulated natural monopolist's profits will be
A) profits equal to Q1 times distance a-c. B) losses equal to Q4 times distance f-g. C) losses equal to Q3 times distance d-e. D) profits equal to Q1 times distance a-b.
From 1680 to 1770 average ship speeds:
a. increased by 100 percent. b. increased by 80 percent. c. increased by 75 percent. d. decreased by 50 percent. e. did not change appreciably.