Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for original Michelangelo sculptures and the market for Ray Ban sunglasses. Which graph most likely represents which market?
A) Graph A represents the market for original Michelangelo sculptures and Graph B represents the market for Ray Ban sunglasses.
B) Graph B represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.
C) Graph B represents the market for original Michelangelo sculptures and Graph A represents the market for Ray Ban sunglasses.
D) Graph A represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.
C
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In the long run, the number of firms in an industry may change. If the number of firms increases, then
A) the supply curve will shift outward to the right. B) the demand curve will shift outward to the right. C) the supply curve will shift inward to the left. D) the demand curve will shift inward to the left.
The expenditure multiplier only considers the impact of consumption changes on aggregate expenditures
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. If the marginal propensity to save is 0.25 in an economy with no taxes and no imports, the marginal propensity to consume is 1.25. 2. Between 2003 and 2010, the unemployment rate in Ft. Myers, Florida, decreased from 13% to 3%. 3. Inventories are counted as investment because inventories are a source of future sales. 4. In a simple economy with no taxes, government spending, exports, or imports, if disposable income increases by $500 and $450 is consumed, $950 is saved.
In corporations, owners are __________________ and managers are ________________
A. agents; principals B. stockholders; bondholders C. agents; employees D. principals; agents