When Toyota introduced its 2010 Prius, it announced that the average retail price of the 2010 model would be lower than the average retail price was for the equivalent 2009 model. Which of the following would explain the price differential?
A) The supply of the Prius had decreased, and the demand for the Prius remained unchanged.
B) The demand for the Prius had increased, and the supply of the Prius remained unchanged.
C) The demand for the Prius had decreased, and the supply of the Prius had increased.
D) The demand for the Prius had increased, and the supply of the Prius had decreased.
C
You might also like to view...
In the Keynesian cross diagram, the vertical intercept of the expenditure line equals ________ and the slope of the expenditure line equals ________.
A. autonomous expenditures; induced expenditures B. autonomous expenditures; the mpc C. induced expenditures; autonomous expenditures D. planned spending; unplanned spending
If the marginal revenue product of land is greater than its price, a firm should
A. use less land. B. decrease the price it is willing to pay for land. C. try to decrease the productivity of land. D. use more land.
How are the slope of a production possibilities frontier and the opportunity cost of the goods related?
A. The slope is a graphical representation of the cost of expanding production of both goods. B. The slope is a graphical measure of the growth rate of the economy. C. The slope is a graphical representation of the cost of decreasing unemployment. D. The slope is a graphical representation of the rate of trade-off between the goods. E. The slope is a graphical representation of the cost of economic growth in the economy.
Utilitarianism is a type of
a. consequentialism b. relativism c. deontological ethics d. egoism