Today's demand curve for gasoline could shift in response to
a. a change in today's price of gasoline
b. a change in the expected future price of gasoline.
c. a change in the number of sellers of gasoline.
d. All of the above are correct.
b
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Firms in monopolistic competition determine the profit-maximizing level of output by producing
A) the same output level as rivals do. B) where average total cost is minimized. C) at the point of minimum average fixed cost. D) where marginal revenue equals marginal cost. E) where price equals average total cost.
Competitive price-taker markets are characterized by
a. firms that all produce the same product. b. a small number of firms in the market. c. firms that are large relative to the size of the market. d. widespread use of advertising as a competitive weapon.
The imposition of a binding price ceiling on a market causes
a. quantity demanded to be greater than quantity supplied. b. quantity demanded to be less than quantity supplied. c. quantity demanded to be equal to quantity supplied. d. the price of the good to be greater than its equilibrium price.
Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.75 per can, then what will be the market demand for soda each month?
A. 70 B. 50 C. 20 D. 30