In the long run, if the prices of goods and services are higher than before the aggregate quantity:
A. supplied will be higher.
B. demanded will be lower.
C. supplied will not change.
D. demanded will be higher.
C. supplied will not change.
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Who, among the following, is least likely to price discriminate?
A) The local tavern B) The local diner C) The local potato farmer D) The telephone company
Suppose there is an oligopoly in the bottled cold coffee industry. Which of the following is probably the most significant barrier to entry?
a. The existing firms have expertise in using game theory strategies. b. No patents have been granted to the existing firms in the industry. c. The existing firms own most of the coffee bean plantations. d. There are no tariffs imposed on coffee bean imports.
A monopolist sells cable subscriptions in a small town and finds that it can sell 100 subscriptions when the price is $15 a week and an additional 75 subscriptions when the price is $10 a week. The MC for the provision of the cable is $5 a week. There are no fixed costs. Look at the scenario A Small-Town Monopolist. If this monopolist chooses to sell subscriptions at one price, it will sell _____ units at a price of _____ and earn economic profits equal to _____.
A. 100; $15; $1,000 B. 175; $15; $1,000 C. 100; $10; $750 D. 75; $10; $500
Economic investment refers to:
A. Buying a financial asset for a gain B. Selling a financial asset for a gain C. Postponing purchases of goods and services D. Making new additions to a firm's stock of capital