The United States is an example of a ______________ economy.
Fill in the blank(s) with the appropriate word(s).
mixed
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For a perfectly competitive firm, the short-run supply curve has an output level that is
A. determined by the lowest point on the average total cost curve. B. determined by the point at which marginal cost equals marginal revenue. C. determined by the lowest point on the average variable cost curve. D. determined by the point at which average variable cost intersects the average total cost curve.
Which of the following could not cause an increase in both the equilibrium price and quantity of a good exchanged? a. Increased input prices
b. Decreased incomes for an inferior good. c. An increase in the price of a substitute good. d. Increased tastes for the good.
The market for diamond rings is closely linked to the market for high-quality diamonds. If a large quantity of high-quality diamonds enters the market, then the
a. supply curve for diamond rings will shift right, which will create a shortage at the current price. Price will increase, which will decrease quantity demanded and increase quantity supplied. The new market equilibrium will be at a higher price and higher quantity. b. supply curve for diamond rings will shift right, which will create a surplus at the current price. Price will decrease, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity. c. demand curve for diamond rings will shift right, which will create a shortage at the current price. Price will increase, which will decrease quantity demanded and increase quantity supplied. The new market equilibrium will be at a higher price and higher quantity. d. demand curve for diamond rings will shift right, which will create a surplus at the current price. Price will decrease, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity.
In perfectly elastic supply, the more elastic the supply is, the . . .
What will be an ideal response?