An increase in the productivity of producing jeans results in
A) the quantity of jeans supplied increasing.
B) the supply of jeans increasing.
C) buyers demanding more jeans because they are now more efficiently produced.
D) buyers demanding fewer jeans because their price will fall, which signals lower quality.
E) some change, but the impact on the supply of jeans is impossible to predict.
B
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Projections place world population by 2050 at
(a) between 4 and 6 billion. (b) between 6 and 8 billion. (c) between 8 and 10 billion. (d) between 10 and 12 billion.
If a water-slide park opens to the public in your neighborhood and an admission fee is charged, then the park is a
a. public good b. private good c. good that everyone wants d. nonrival good e. nonexclusive good
When the absolute price elasticity of demand is less than 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
The market structure in which the behavior of any given firm depends on the behavior of the other firms in the industry is
A. perfect competition. B. monopolistic competition. C. monopoly. D. oligopoly.