Which of the following would increase in response to a increase in the price of ironing boards?
a. the quantity of irons demanded at each possible price of irons
b. the equilibrium quantity of irons
c. the equilibrium price of irons
d. None of the above is correct.
d
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By measuring ________ we can see that the economies of Hong Kong and Singapore are catching up to the economies of North America but that the economies of Central and South America are not
A) inflation per person B) real GDP per person C) the population D) real GDP
In the presence of no externalities
A) social marginal cost exceeds private marginal cost. B) social marginal cost is less than private marginal cost. C) social marginal cost equals private marginal cost. D) social marginal cost and private marginal cost cannot be compared.
If taxes and government expenditures were constant and did not vary with income, then:
A. cyclical deficits would not exist. B. cyclical deficits would increase. C. structural deficits would not exist. D. structural deficits would increase.
Keely says that he's glad that his morning coffee is sold in a monopolistically competitive market rather than a purely competitive market. If this is true for most things Keely buys, it suggests that he
A) cares most about allocative efficiency. B) is willing to pay extra for product variety. C) is most concerned about paying the lowest price possible. D) is a creature of habit who always buys the same type of a particular good.