If quantity demanded is greater than quantity supplied
A. the price will fall.
B. the price will rise.
C. the market is cleared.
D. the price is at equilibrium.
B. the price will rise.
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Refer to Figure 18-1. Area F + G represents
A) the portion of sales tax revenue borne by consumers. B) the portion of sales tax revenue borne by producers. C) the excess burden of the sales tax. D) sales tax revenue collected by the government.
Refer to Figure 14.1. Other things equal, an increase in the inflation rate is best represented as a movement from
A) point A to point B. B) point C to point A. C) point C to point B. D) point B to point C.
The antitrust legislation that made it illegal for a firm to pay cash for a competitor's patents, plant, and equipment was the:
a. Sherman Antitrust Act. b. Celler-Kefauver Act. c. Robinson-Patman Act. d. Clayton Act. e. FTC Act.
Consider a Cournot oligopoly consisting of five identical firms producing good X. If the firms produce good X at a marginal cost of $7 per unit and the market elasticity of demand is ?3, determine the profit-maximizing price.
A. $7 per unit B. $5.25 per unit C. $4.20 per unit D. $7.50 per unit