A rightward shift of the market demand curve for drones, ceteris paribus, causes equilibrium
A. Price to increase and equilibrium quantity to increase.
B. Price to decrease and equilibrium quantity to decrease.
C. Price to increase and equilibrium quantity to decrease.
D. Price to decrease and equilibrium quantity to increase.
Answer: A
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The demand curve in the figure above illustrates the demand for a product with a price elasticity of demand
A) equal to zero at all prices. B) equal to infinite at all prices. C) equal to one at all prices. D) that is different at all prices.
The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the tax revenue is
A) $2 ? Q1. B) $2 ? Q2. C) $2 ? (Q2 - Q1). D) $2.
Economic efficiency would be primarily discussed with respect to which of the fundamental questions about a competitive market economy?
A. How will the goods and services be produced? B. What goods and services will be produced? C. Who will get the goods and services? D. How will the system promote progress?
A quota is a tax on imports.
Answer the following statement true (T) or false (F)