Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee falls from $6 to $4, the market quantity demanded would
A) decrease by 89 lbs. B) increase by 110 lbs.
C) increase by 61 lbs. D) increase by 26 lbs.
C
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Suppose the United Automobile Workers union agrees to accept lower wages for members if the automobile manufacturers lower their prices to buyers
Will the UAW's measures usually result in a larger number of cars being sold and hence more jobs for UAW members? A) No, because people only buy new cars when they need them. B) Not if the price elasticity of demand for new cars turns out to be less than one. C) Only in the unlikely event the demand for new cars is unit elastic. D) Probably not, because new car sales depend on advertising. E) Yes.
Refer to Table 22-4. In the table above, which countries are consistent with the predictions of the economic growth model?
A) Japan and Guatemala B) only Japan C) Botswana and Thailand D) all four countries
When import quotas are imposed by a government
A) the domestic producers always lower the prices of their products to ensure that their products are sold. B) the government is trying to discourage consumers from buying foreign-made goods. C) the supply of the product on the domestic market increases. D) the price ceiling for the product has to be lowered.
Suppose that, in the short run, a perfectly competitive firm earns a normal profit. Which of the following is incorrect?
a. MR = price b. MR = ATC c. AR ? Q = TR d. TR = TC e. P = AVC