The market-day supply curve is
a. horizontal, reflecting the fact that the quantity supplied can increase infinitely
b. vertical, reflecting the fact that the quantity supplied cannot change
c. increasing, reflecting the positive relationship between price and quantity
d. decreasing, reflecting the inverse relationship between price and quantity
e. flatter than the market demand curve
B
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Refer to the scenario above. If they are the only bidders in the auction and each of them uses his optimal strategy, who will win?
A) Tom B) Bill C) Jeff D) Roger
The price of a gallon of milk falls. Which of the following is a possible cause?
A) a decrease in the price of oatmeal, a complement to milk B) a discovery that milk cause diabetes C) Milk is a normal good and people's incomes rise. D) a drought that reduces supplies of feed grains fed to cows that produce milk
Which of the following is not an example of price discrimination?
a. Senior citizen discount at the movies b. Grocery coupons c. Children haircuts d. Charging a higher price for ice-cream during the summer and a lower price in the winter
Scarcity is:
A. a fact of life because of limited resources. B. can be eliminated by rational decision making. C. not a problem for Bill Gates because he is a billionaire. D. is a problem studied in microeconomics but is not a macroeconomic concern.