What are the five variables that will shift the demand curve?
What will be an ideal response?
1. Income
2. Price of related goods
3. Tastes
4. Population and demographics
5. Expected future prices
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Price floors are only effective below the market equilibrium.
Answer the following statement true (T) or false (F)
Which of the following better explains the fact that computers are cheaper now than 10 years ago? a. c and d b. c and e c. The technology used in the production of computers has improved during this period. d. Resources used in the production of computers have become cheaper during this period
e. The demand for computers has increased substantially during this period.
Which country has had a higher growth rate than the U.S. over about the last 120 years?
a. India b. Mexico c. United Kingdom d. Pakistan
Although U.S. Steel controlled nearly 75 percent of the domestic iron and steel industry, in 1920 the Supreme Court ruled that the firm was not in violation of the Sherman Antitrust Act because
A. there was no evidence of abusive behavior. The Court applied the rule of reason in this case. B. 75 percent of the market is not high enough to constitute monopoly power. C. there was no evidence of abusive behavior. The Court applied the per se rule in this case. D. the domestic iron and steel industry is a natural monopoly. The Court decided regulation was needed.