Currently tire producers must receive a price of $50 per tire to produce 5000 tires. If the supply curve of tires is upward sloping, then to produce one additional tire, tire producers will need to receive a price of
A) $50.
B) less than $50.
C) more than $50.
D) $0.
C
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When a shortage occurs in the market for a good, quantity
A. demanded exceeds quantity supplied and the market mechanism pushes the price up, which in turn encourages more production and less consumption. B. supplied exceeds quantity demanded and the price falls, which encourages more production and less consumption. C. demanded exceeds quantity supplied and the market mechanism pushes the price down, which encourages more production and less consumption. D. supplied exceeds quantity demanded and the price rises, which encourages more production and less consumption.
When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, then:
a. demand is price inelastic. b. total revenue increases. c. demand is positively sloped. d. demand is unit elastic. e. total revenue decreases.
The purpose of the International Monetary Fund is to resolve trade related disputes
Indicate whether the statement is true or false
If your broker tells you that a trust to which you are a beneficiary has changed, and instead of getting $5000 per year starting next year, you will be getting $4000 per year starting next year, the present value to you has
A. risen. B. remained unchanged. C. necessarily become more predictable. D. fallen.