When graphing the demand curve:
A. quantity goes on the horizontal axis and price goes on the vertical axis.
B. quantity goes on the vertical axis and price goes on the horizontal axis.
C. both quantity and price go on the horizontal axis.
D. it doesn't matter which axis price and quantity are placed on.
A. quantity goes on the horizontal axis and price goes on the vertical axis.
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If demand is inelastic, an increase in the price will
A) decrease total revenue. B) increase total revenue. C) not change total revenue. D) increase the quantity demanded.
A monopolistically competitive firm earning profits in the short run will find the demand for its product decreasing and becoming more elastic in the long run as new firms move into the industry until
A) the original firm is driven into bankruptcy. B) the firm's demand curve is perfectly elastic. C) the firm exits the market. D) the firm's demand curve is tangent to its average total cost curve.
When will a shortage occur in a market?
a. When the actual price is lower than the equilibrium price b. When quantity supplied is greater than the equilibrium quantity c. When the quantity that consumers are willing and able to purchase decreases d. When the quantity available at zero price is insufficient to meet demand e. When a price floor is set in the market
If real interest rates in the United States are higher than those of our trading partners, what will tend to happen to the foreign exchange value of the dollar and the U.S. current account deficit or surplus?
a. The dollar will depreciate; the current account will move toward a deficit. b. The dollar will depreciate; the current account will move toward a surplus. c. The dollar will appreciate; the current account will move toward a deficit. d. The dollar will appreciate; the current account will move toward a surplus.