The supply of tickets to a major sporting event such as the Super Bowl or a World Series game is perfectly inelastic.
Answer the following statement true (T) or false (F)
True
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The above figure shows the market for bicycles. When there is a physical fitness craze so that everyone wants to exercise the
A) demand curve for bicycles shifts from D1 to D2. B) demand curve for bicycles shifts from D2 to D1. C) demand curve and the supply curve of bicycles do not shift. D) supply curve of bicycles shifts from S1 to S2.
Suppose you have saved $300 . You can spend it on a new stereo or on a weekend skiing trip. What is the opportunity cost of going on the skiing trip?
What will be an ideal response?
The presence of a learning curve may induce a decision maker in a startup firm to choose
A) low levels of output to exploit economies of scale. B) high levels of output to exploit economies of scale. C) low levels of output to shift the average cost curve down over time. D) high levels of output to shift the average cost curve down over time. E) to produce more than one output.
If there is a favorable supply shock which direction does the short-run Phillips curve shift? What initially happens to unemployment and inflation as a result of this shock?