Which of the following best reflects an increase in quantity demanded and not an increase in demand?
A) A college expects enrollment to increase, despite no change in the tuition.
B) Skiing becomes a fashionable winter sports activity.
C) The price of hair stylings falls.
D) Consumers expect lower prices next month for computers.
C
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The cost of using an additional unit of an input is called the
A) marginal revenue product. B) marginal physical product cost. C) marginal factor cost. D) marginal product of labor.
Other things being equal, demand is less elastic
A) the more expensive the good is. B) the smaller the percentage of a total budget that a family spends on a good. C) the longer is the time period for adjustment. D) the more substitutes a good has.
In the kinked-demand model of a noncollusive oligopoly, if one firm decreases its price, the most likely reaction of the other firms will be to:
A. increase their prices. B. not change their prices. C. decrease their prices. D. fix prices.
When the consumption of a good creates an external benefit,
A) the marginal social cost curve lies below the marginal private cost curve. B) the marginal social benefit curve lies above the marginal private benefit curve. C) the quantity produced in an unregulated, competitive market is greater than the efficient quantity. D) None of the above answers is correct.