An "increase in demand" means that
A) the demand curve has shifted to the left.
B) price has declined and consumers want to purchase more of the good.
C) the demand curve has shifted to the right.
D) the price of the good can be expected to decline, assuming supply stays constant.
C
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Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Popcorn has achieved
A) the highest marginal benefit. B) production efficiency. C) the lowest marginal cost. D) the highest opportunity cost.
Producers may respond to a unit tax by _____
a. increasing the value of each unit b. increasing the number of units sold c. differentiating their product line d. selling the product in bundles
The existence of externalities is due mainly to the fact that
A) monopolies tend to produce too little of a good anyway. B) the optimal level of pollution is zero. C) pollution is not a serious problem. D) property rights are poorly defined.
Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from $1.50 to $1.25 per dozen,
a. the demand for cookies will fall. b. the demand for cookies will rise. c. a larger quantity of cookies will be demanded. d. a smaller quantity of cookies will be demanded.