What is the value of $F (the total new checkable deposits)?
A) $1,000
B) $4,000
C) $5,000
D) $6,000
Ans: C) $5,000
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Suppose a perfectly competitive industry is in long-run equilibrium. If a decrease in demand leads to a higher long-run price, we know that
A) this is a decreasing-cost industry. B) this is an increasing-cost industry. C) some firms will be losing money in the long run. D) after further adjustments, price will fall to its original level.
One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events. Apparently the initial price of the tickets being scalped was too
A. Low for equilibrium, resulting in a surplus of tickets. B. High for equilibrium, resulting in a shortage of tickets. C. High for equilibrium, resulting in a surplus of tickets. D. Low for equilibrium, resulting in a shortage of tickets.
A perfectly horizontal demand curve has
A) zero elasticity. B) some positive finite elasticity. C) negative elasticity. D) elasticity equals infinity.
Which statement is correct? The long-run supply curve for a purely competitive:
A. Decreasing-cost industry will be upward-sloping B. Increasing-cost industry will be perfectly elastic C. Increasing-cost industry will be upward-sloping D. Increasing-cost industry will be less elastic than the short-run supply curve