Ceteris paribus, the fear among travelers created by the 9-11 attacks would have what impact on the market for air travel?
a. an increase in equilibrium price and an increase in equilibrium quantity.
b. an increase in equilibrium price and a decrease in equilibrium quantity.
c. a decrease in equilibrium price and an increase in equilibrium quantity.
d. a decrease in equilibrium price and a decrease in equilibrium quantity.
d
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The medium of exchange is defined as
A) an object that is accepted in return for goods and services. B) the exchange of goods and services directly for goods and services. C) an item that can be stored and hold its value over time. D) credit cards. E) barter.
What does economics have in common with sociology?
a. Economics and sociology ask fundamentally the same questions. b. Economics and sociology use the same tools to analyze issues. c. Both are social sciences. d. What and how economists study is very similar to what and how sociologists study. e. Explaining something about society is only a secondary purpose in both areas.
Which of the following is not held constant along a given demand curve for a good?
A. The price of substitute goods. B. Consumer's income. C. Price of the good itself (own price). D. Consumer tastes.
The break-even level out output occurs for a business when
A) Marginal cost equals marginal revenue. B) Average revenue equals marginal revenue. C) Marginal revenue equals average total cost. D) Average revenue equals average variable cost.