If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, what would happen to the equilibrium price and quantity of lattés?
a. Both the equilibrium price and quantity would increase.
b. Both the equilibrium price and quantity would decrease.
c. The equilibrium price would increase, and the equilibrium quantity would decrease.
d. The equilibrium price would decrease, and the equilibrium quantity would increase.
a
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Fixed costs
A) are always sunk. B) are avoidable. C) are sometimes sunk. D) sunk in the short run, but not in the long run.
Some nonprice determinants of demand are:
A. consumer preferences, expectations of future prices, and the number of buyers in the market. B. consumer preferences, the price of the good, and incomes. C. incomes, expectations of future prices, and the number of sellers in the market. D. prices of related goods, knowledge of past prices, and the number of buyers in the market.
Which of the following will not result in a shift in the demand curve for the US dollar?
a. an increase of in the income of US residents b. a decrease in the expected rate of inflation in the US c. an increase in the dollar/Eruo exchange rate d. an increase in interest rates in the US e. a decrease in interest rates in the Euro zone
Graphing the value of marginal product against the quantity of a given input hired looks like which of the following curves?
A. The demand curve B. The total revenue curve C. The total product curve D. The value product curve