If the demand for bathing suits and supply of bathing suits both decrease, then definitely the equilibrium
A) price will decrease.
B) price will increase.
C) quantity will increase.
D) quantity will decrease.
D
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Demand curves often do not remain stationary; they shift because of changes in other variables.
Answer the following statement true (T) or false (F)
Which of the following methods of generating federal government revenue was first introduced during the Civil War?
a. the personal income tax b. inflationary finance c. import tariffs d. bond sales
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills is $300, given the scenario described, the total consumer surplus would be: A. $1,070. B. $170. C. $200. D. None of these is true.
Which of the following may not be indicated by low long-term interest rates?
(A) That the economy is expected to contract in coming years. (B) That consumers want to borrow money to invest. (C) The future health of the economy. (D) That businesses do not want to borrow money to invest.