Suppose consumer tastes and preferences shift from tacos to pizzas. In the short run, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices.
A. increasing; decreasing
B. decreasing; increasing
C. decreasing; decreasing
D. increasing; increasing
Answer: A
Economics
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Refer to Cournot Problem. In the Nash Equilibrium, each firm will receive producer surplus of
a. $300 b. $450 c. $600 d. $900
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Adam Smith supported the view that ________ greatly influenced its economic growth
A) the culture in a nation B) the institutions in a nation C) the location of a nation D) the geography of a nation
Economics
If there is more production of final goods in the economy, then income ___.
A. will fall B. might fall C. will rise D. might rise
Economics
In Figure 4.2, at quantities larger than Q1, demand is:
A. inferior. B. elastic. C. inelastic. D. unit elastic.
Economics