Which of the following buys goods for personal use?
a. consumer
b. a person who is broke
c. people who have not maxed out their credit cards
d. client
Ans: a. consumer
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A monopolist will maximize its profits by charging a higher price for customers with a price elasticity of
A) 0.1. B) 1. C) 1.5. D) 10.
In the short run with predetermined prices, when output is less than aggregate expenditure, firms will:
A. reduce production. B. decrease aggregate expenditure. C. increase aggregate expenditure. D. increase production.
Consider a market that is in equilibrium. If it experiences both a decrease in demand and a decrease in supply, what can be said of the new equilibrium? The equilibrium:
A. price and quantity will both rise. B. quantity will definitely fall, while the equilibrium price cannot be predicted. C. price and quantity will both fall. D. price will definitely fall, while the equilibrium quantity cannot be predicted.
Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD1 the result in the short run would be:
A. P1 and Y1.
B. P3 and Y1.
C. P4 and Y1.
D. P4 and Y2.