If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, then economists would describe this as
A) a decrease in demand.
B) a decrease in quantity demanded.
C) a change in consumer income.
D) a decrease in consumers' taste for chocolate.
Answer: B
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An increase in the demand for shoemakers will increase the demand for shoes
a. True b. False
Pure public goods
a. are goods that are provided by the government b. are economically efficient c. are economically inefficient d. are both nonrival and nonexcludable e. are Pareto optimal
Suppose the government sets a price floor that is above the equilibrium price for a given good. It can be said that at the price floor,
A) although sellers are selling all of the product that they desire at this price, the consumers are not able to buy all that they desire. B) although consumers are purchasing all of the product that they desire at this price, the sellers are not selling all that they desire. C) both sellers and buyers are satisfied with the quantity that is being exchanged. D) both sellers and buyers are exchanging the equilibrium quantity of this good. E) b and d
If the demand curve is P = 48 - 2Q and MC = 0, calculate the lost social welfare that results from a single price monopoly profit maximizing strategy.
What will be an ideal response?