The supply of a good or service is determined by
a. those who buy the good or service.
b. the government.
c. those who sell the good or service.
d. both those who buy and those who sell the good or service.
c
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The greater the substitutability between Northwest timber and Southeast timber, the ________ is the cross elasticity of demand between timber from the two regions and the ________ is the elasticity of demand for Northwest timber
A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger
Which of the following products can be sold through mass advertising?
a. A new electrocardiogram machine to be used by medical examiners b. A mainframe computer installation c. A new health insurance policy d. A new brand of baby diapers
The theory of oligopoly provides another reason that free trade can benefit all countries because
a. increased competition leads to larger deadweight losses. b. as the number of firms within a given market increases, the price of the good decreases. c. as the number of firms within a given market increases, the profit of each firm increases. d. All of the above are correct.
If the government set a price floor at $18
A. there would be a temporary surplus, then prices would fall to equilibrium.
B. the price floor would not have any effect on this market.
C. then quantity demanded would be greater than quantity supplied.
D. there would be a permanent surplus, at least until the price floor was lifted.