The demand for microwaves in a certain country is given by: D = 8,000 -30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. Suppose the economy is closed. The equilibrium price of a microwave is ________ and equilibrium quantity is ________.
A. $100; 5,000
B. $125; 4,000
C. $75; 6,000
D. $50; 8,000
Answer: A
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Since demanders of a good are concerned with the total price they have to pay for a good, a unit tax on the good will _____
a. shift the supply curve downward by the entire amount of the tax b. shift the supply curve upward by the entire amount of the tax c. shift the demand curve downward by the entire amount of the tax d. shift the demand curve upward by the entire amount of the tax
Bob got laid off six months ago. He used to go to the movies once a month, but he's only been twice because he lost his job. This type of behavior can be measured using:
A. the price elasticity of demand. B. the price elasticity of supply. C. the income elasticity of demand. D. the cross-price elasticity.
Suppose that television show A is much more popular than television show B. The equilibrium price for a ticket to view the taping of show A is $40 and the equilibrium price for a ticket to view the taping of show B is -$30. If free tickets are offered for the taping of both shows, it is likely that
A) there will be a shortage of tickets for show A and a surplus of tickets for show B. B) there will be a surplus of tickets for show A and a shortage of tickets for show B. C) there will be a surplus of tickets for both shows. D) there will be a shortage of tickets for both shows.
The main criticism leveled at the rational expectations theorists is that _________________.
Fill in the blank(s) with the appropriate word(s).