Refer to the graph below with three demand curves. An "increase in quantity demanded" would be illustrated by a change from:
A. Point 4 to point 6
B. Point 5 to point 1
C. Point 4 to point 1
D. Point 2 to point 5
Answer: C
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If a firm competing in a price-taker market seeks to maximize profit, the firm should
a. increase output whenever marginal cost is less than average total cost. b. increase output whenever marginal revenue is less than marginal cost. c. choose the output where per-unit profit is greatest. d. increase output whenever price exceeds marginal cost.
Refer to the accompanying figure. At a price of $2, the total expenditure on lattes each hour equals:
A. $60. B. $40. C. $80. D. $30.
In perfect competition:
(a) A few firms dominate the industry. (b) Firms are price makers. (c) There are many buyers but few sellers. (d) There are many buyers and sellers.
Citizens in India buy music from the U.S. To do so they use Indian rupees to purchase U.S. dollars. If U.S. citizens hold these rupees rather than spending them, what happens to U.S. net exports and U.S. net capital outflows?
a. both U.S. net exports and U.S. net capital outflow rise b. both U.S. net exports and U.S. net capital outflow fall c. U.S. net exports rise and U.S. net capital outflow fall d. U.S. net exports fall and U.S. net capital outflow rise