The law of demand refers to how
A) demand changes when people's incomes change.
B) demand changes when the prices of substitutes and complements change.
C) the quantity demanded changes when the price of the good changes.
D) the price of the good changes when people's demand for the good changes.
E) the quantity demanded changes when the demand for the good changes.
C
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The excess demand created when the government imposes a price ceiling
a. shifts the equilibrium price upward to the price ceiling level b. is the difference between the quantity demanded at the old equilibrium price and quantity supplied at the price set by the price ceiling c. is the difference between the quantity demanded at the price set by the price ceiling and quantity supplied at the old equilibrium price d. is the difference between the quantity demanded at the price set by the price ceiling and quantity supplied at the price set by the price ceiling e. is the difference between the old equilibrium price and the price set by the price ceiling
Average variable cost will decrease if __________
Fill in the blank(s) with correct word
A consumer's indifference curves are right angles when, for the consumer, the goods in question are __________
Fill in the blank(s) with correct word
In Figure 12.6, airline Fly Smart is initially a secure monopoly between two cities X and Y at point M, serving 300 passengers per day at the profit maximizing price of $300 per ticket. Suppose that Fly Smart discovers that a second airline is contemplating entering the market. If Fly Smart accommodates the entry, what will its profit be?
A. $44,400 B. $33,600 C. $29,600 D. $16,800