The market for U.S. cars was impacted significantly by consumers' options to buy which of the following?
(a) Used cars
(b) New cars produced by U.S. producers
(c) New cars produced by foreign producers
(d) All of the above
(d)
You might also like to view...
If a producer is not able to expand its plant capacity immediately, it is
A) operating in the long run. B) operating in the short run. C) losing money. D) bankrupt.
In the fooling model's labor market diagram, from an initial intersection point of the labor supply and demand curves, tracing "northwest" up the labor demand curve shows
A) what happens to real wages and employment when aggregate demand expands. B) what happens to real wages and employment when aggregate demand contracts. C) what workers think is happening to real wages if an aggregate demand expansion fools them. D) what firms think is happening to real wages if an aggregate demand contraction fools them.
Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite
A) demand is inelastic. B) demand is unit elastic. C) demand is elastic. D) demand is perfectly elastic.
When supply decreases and demand does not change, the equilibrium quantity ________ and the equilibrium price ________
A) increases; rises B) decreases; falls C) increases; falls D) decreases; rises