Both price and quantity will increase when there is a(n)
a. increase in demand.
b. decrease in demand.
c. increase in supply
d. decrease in supply.
a
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From the data in the above table, GDP equals
A) $1,120. B) $1,280. C) $1,290. D) $1,360.
Consider a profit-maximizing monopoly pricing under the following conditions. The profit-maximizing quantity is 40 units, the profit-maximizing price is $160, and the marginal cost of the 40th unit is $120 . If the good were produced in a perfectly competitive market, the equilibrium quantity would be 50, and the equilibrium price would be $150 . The demand curve and marginal cost curves are
linear. What is the value of the deadweight loss created by the monopolist? a. $40 b. $100 c. $200 d. $400
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. Assume that Sam has an upward-sloping labor supply curve. If the opportunity cost of Sam's leisure time increases, he will respond by working
a. more hours. b. fewer hours. c. an equal number of hours. d. a number of hours that cannot be determined from the information. The labor demand curve is needed to make this determination.
A decrease in inflationary expectations shifts the short-run Phillips curve away from the origin
Indicate whether the statement is true or false