Refer to Figure 12-9. At price P3, the firm would produce
A) Q2 units B) Q3 units. C) Q4 units. D) Q5 units.
B
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Which of the following would most likely increase the demand for gasoline?
A. the expectation by consumers that gasoline prices will be lower in the future B. the expectation by consumers that gasoline prices will be higher in the future C. an increase in the price of gasoline D. a decrease in the price of gasoline
Opportunity cost is defined as
A) the highest valued alternative that must be given up to engage in an activity. B) the benefit of an activity. C) the total value of all alternatives that must be given up to engage in an activity. D) the monetary expense associated with an activity.
How do spending levels impact the economy in an inflationary period?
A. Overall spending generally remains unchanged. B. Consumers and businesses spend less. C. Consumers spend less, but businesses tend to spend more. D. Consumers keep spending no matter what; businesses are more cautious
Which of the following accurately shows the sequence that happens when demand for a product increases?
a. Price of product increases; the product’s supply increases; buyers compete for the product; a new equilibrium is reached. b. The product’s supply increases; buyers compete for the product; price of product increases; a new equilibrium is reached. c. Buyers compete for the product; price of product increases; the product’s supply increases; a new equilibrium is reached. d. Buyers compete for the product; the product’s supply increases; price of product increases; a new equilibrium is reached.