Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will most likely ________ for the product, resulting in a higher equilibrium price and a larger equilibrium quantity.
A. increase the demand
B. increase the supply
C. decrease the supply
D. decrease the demand
Answer: A
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Refer to Figure 13-10. to answer the following questions
a. What is the profit-maximizing output level? b. What is the profit-maximizing price? c. At the profit-maximizing output level, how much profit will be realized? d. Does this graph most likely represent the long run or the short run? Why?
The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy up along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the left. C) It moved the economy down along a stationary short-run aggregate supply curve. D) It shifted the short-run aggregate supply curve to the right.
Refer to the table below. An output level of 25 units, this firm's accounting profit is ________, and its economic profit is ________. QuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. zero; $8 B. $125; $113 C. zero; ?$8 D. $125; zero
This table shows the price-level adjustment as compared to the United States. CountryPrice-Level AdjustmentAustralia-0.50China0.25Mexico0.34United States0.00According to the information in the table shown, if someone were to make $35,000, she would be able to buy the most goods and services if she lived in:
A. China. B. Australia. C. the United States. D. Mexico.