The supply and demand model assumes
A) no buyer or seller can unilaterally influence the price of the product.
B) each unit sold is sold at the same price.
C) suppliers and demanders know the price of the product.
D) All of the above.
D
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A cartel usually has a collusive agreement to
A) restrict output. B) boost output. C) lower the price. D) increase the number of firms in the industry.
Refer to Table 2-11. What is South Korea's opportunity cost of producing one digital camera?
A) 0.05 pounds of wheat B) 20 pounds of wheat C) 25 pounds of wheat D) 60 pounds of wheat
When short-term interest rates are expected to fall sharply in the future, the yield curve will
A) slope up. B) be flat. C) be inverted. D) be an inverted U shape.
Which of the following causes the supply curve to shift to the left?
a. increase in consumer’s output prices b. increase in seller’s input prices c. decrease in consumer’s output prices d. decrease in seller’s input prices