Refer to the above graph, which shows an aggregate demand curve for a hypothetical economy. If the price level is 150, the quantity of real GDP demanded is:
A. $500 billion.
B. $800 billion.
C. $600 billion.
D. $700 billion.
Answer: D
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Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. In the immediate period, the increase in demand will
A. increase equilibrium quantity but not equilibrium price. B. increase equilibrium price but not equilibrium quantity. C. increase both equilibrium price and quantity. D. have no effect on either equilibrium price or quantity.
Which of the following statements is most accurate? a. If something is rare it is also has to be scarce
b. Scarcity can and will be eliminated in the short run. c. Scarcity can and will be eliminated in the long run. d. Scarcity cannot be eliminated in any time frame.
Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 ? 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is C(Q) = 1 + 4Q (in cents), compute the price Fruit of the Loom should charge for a package of women's underwear.
A. $136.50 B. $1.02 C. $1.09 D. $108.50
If the cross price elasticity of demand between two commodities is positive, then these commodities are
A) are superior. B) are complements. C) are substitutes. D) are inferior.