Select the graph above that best shows the change in the market specified in the following situation: In the market for digital cameras, when the productivity of workers in the digital camera industry increases.
Graph A
Graph B
Graph C
Graph D
Graph C
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The present value of $100 to be received in a year is
A) less than $100 and falls as the interest rate rises. B) less than $100 and rises as the interest rate rises. C) more than $100 and falls as the interest rate rises. D) more than $100 and rises as the interest rate rises.
Which of the following statements about business cycles is correct?
a. Business cycles are always caused by demand-side effects b. Business cycles are always caused by supply-side effects c. Business cycles are always initiated by domestic-based shocks d. Business cycles are always initiated by foreign-based shocks. e. Business cycles can originate in the real, social, financial, and/or political sector.
Consumer surplus
a. is represented on a supply-demand graph by the area below the price and above the demand curve. b. measures the benefit buyers receive from participating in a market. c. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for it. d. measures the benefit sellers receive from participating in a market.
If a decrease in the price of good X causes a decrease in demand for good Y, the two goods are
A. inferior. B. complements. C. normal. D. substitutes.