When there is an excess quantity supplied in the market
A) the price of the product will increase, causing a decrease in demand and an increase in supply.
B) the price of the product will increase, causing a decrease in quantity demanded and an increase in supply.
C) the price of the product will decrease, causing an increase in quantity demanded and a decrease in quantity supplied.
D) the price will increase, causing a decrease in demand and an increase in quantity supplied.
Answer: C
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An externality can be a cost or benefit arising from the production of a good that falls upon
A) consumers but not producers. B) producers but not consumers. C) both the consumer and the producer. D) someone other than the consumer or producer.
Gross fiscal expenditure in a country increased by $100,000 during a certain year. If the marginal propensity to save is 0.5, then real GDP in this country has increased by: a. $125,000. b. $50,000
c. $200,000. d. $100,000.
A tariff on avocadoes ______________ the price of avocadoes, _____________ consumers' surplus for avocado buyers, _______________ producers' surplus of avocado growers and __________________ tariff revenue. Because the loss to _____________ is more than the gain to ___________________, there is a net loss to society
A) raises; increases; decreases; generates; producers; consumers and government B) lowers; increases; decreases; does not generate; producers and government; consumers C) raises; increases; decreases; does not generate; producers and government; consumers D) raises; decreases; increases; generates; consumers; producers and government
Figure 11-6
The profit-maximizing monopolist in Figure 11-6 will produce ____ units of output.
a.
Q1
b.
Q2
c.
Q3
d.
Q4