Oligopolists compete on quality but not price.
Answer the following statement true (T) or false (F)
False
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An increase in quantity demanded is caused by
A) an increase in income. B) a decrease in the price of the good. C) a decrease in the price of a complement. D) a change in expectations about price in the future.
Assume a market price gets set artificially low-that is, it gets set below the equilibrium price. This change means:
A. Every producer loses surplus, and it all gets transferred to consumers. B. Some producers drop out of the market, and those left lose some surplus. C. Every consumer gains surplus, due to the lower price now being charged. D. None of these is true.
A profit-maximizing firm that is operating in the short run will sell an additional unit of output as long as: a. as doing so reduces the firm's per-unit costs
b. doing so reduces the firm's marginal costs. c. doing so adds more to revenue than it adds to cost. d. there is additional plant capacity with which to produce.
If you put $1,000 in a savings account at an interest rate of 10 percent, how much money will you have in one year?
A. $909 B. $950 C. $1,200 D. $1,100