Which of the following will change only the quantity demanded of oranges?
A) an increase in the population
B) a change in the price of tangerines
C) a change in the price of oranges
D) a decrease in the taste and preferences for oranges
C
You might also like to view...
Which of the following statements about private and social costs associated with a negative externality is TRUE?
A) Social costs include externalities. B) Private cost do not include externalities. C) Social costs are never smaller than private costs. D) All of the above.
"A market is said to be perfectly competitive when consumers can tell that some products are of better quality than others." Do you agree or disagree? Why?
What will be an ideal response?
If an economy produces 2,000 units of output with a price level of $1 and the money supply (M) is $1,000, velocity is:
A. 2. B. 5. C. 500. D. 50.
Assume a firm closes down in the short run and produces no output. Under these conditions:
A. TVC is positive, but TFC and TC are zero. B. TFC is positive, but TVC and TC are zero. C. TFC and TC are positive, but TVC is zero. D. TFC, TVC, and TC will all be positive.