An increase in demand occurs when
A. quantity demanded is greater than quantity supplied.
B. quantity supplied is greater that quantity demanded.
C. the demand curve shifts upward and to the right.
D. there is a leftward shift in the demand curve.
C. the demand curve shifts upward and to the right.
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If the growth rate for GDP was 9 percent and GDP in year 1 was 100, then GDP in year 2 would be
A) 90. B) 109. C) 190. D) 199.
Ownership of a necessary input creates what type of barrier to entry?
A) legal barrier to entry B) natural barrier to entry C) a public franchise D) a government license E) ownership barrier to entry
The price of peaches goes up and I observe you buying fewer strawberries. Which of the following is consistent with this observation:
A. Strawberries are inferior and peaches are normal. B. Strawberries are normal and peaches are inferior. C. Both strawberries and peaches are inferior. D. Both (a) and (b). E. Both (a) and (c). F. Both (b) and (c). G. All of the above.
A college has found that during every home football game, a group of students sits on a hillside next to the stadium and watches the game without purchasing tickets. In economics, the problem that this college is facing is referred to as a
a. common good problem. b. free rider problem. c. onlooker problem. d. deadweight loss problem.