An decrease in supply is caused by a decrease in the price of the product
Indicate whether the statement is true or false
FALSE
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Explain the difference between GDP and GNP
What will be an ideal response?
Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $20
A) the total consumer surplus from the purchase of tickets will be $122. B) only Violet and Walter will buy tickets. C) Xavier's consumer surplus is $50. D) everyone will buy a ticket except for Zachary.
The law of increasing costs means that when an economy increases the production of one item:
a) the opportunity cost goes up b) the actual cost of making the item goes down c) the actual cost goes up but the opportunity cost goes down d) the production costs will increase alot
If government imposes a price ceiling on a good that is below the market equilibrium price
A) a surplus will develop. B) a shortage will develop. C) producers will reduce their sales price. D) consumers will reduce their demand for the good.