Without any restrictions in a perfectly competitive market, if there is a sudden rightward shift in the demand for a good:
A) sellers of the good will increase the supply of the good at the same price.
B) sellers of the good will increase the quantity of the good supplied in the market.
C) sellers of the good will decrease the supply of the good at the same price.
D) sellers of the good will decrease the quantity supplied.
B
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A recessionary gap is the amount by which
A) the short-run equilibrium level nominal GDP is above the short-run real GDP. B) the short-run equilibrium level nominal GDP is below the short-run real GDP. C) total planned real expenditures exceed total planned production in the long run. D) the short-run equilibrium level of real GDP is below the full-employment level of real GDP.
Young John recently took a job with the U.S. Department of Agriculture. His supervisor gave him an assignment and a two-week deadline. He finished the job in three days and turned it in. Now his coworkers are mad at John. Why?
The demand for heart surgery is price inelastic. So it follows that
A. changes in price do not affect the number of operations demanded. B. the percentage change in price is less than the resulting percentage change in quantity demanded. C. if the price of heart surgery increases, total expenditure by consumers on heart surgery will rise. D. both a and b E. all of the above
A natural monopoly is
A. A monopoly that always benefits society even when it is unregulated. B. An unregulated monopoly. C. An industry in which one firm can achieve economies of scale over the entire range of market supply. D. An industry that is dominated by a single firm.