The name of Andrew Carnegie is most closely associated with
A. the steel industry.
B. the rubber industry.
C. the meatpacking industry.
D. the chemical industry.
A. the steel industry.
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Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result the equilibrium price ________, and the equilibrium quantity ________
A) rises; increases B) rises; does not change C) falls; does not change D) falls; decreases E) falls; increases
Explain the difference between a change in demand and a change in quantity demanded. What leads to each of these changes?
What will be an ideal response?
In the above figure, what is the quantity of workers that would be hired by a monopsonist?
A) Q1 B) Q2 C) Q3 D) Q4
People are willing to pay more for a diamond than for a bottle of water because
a. the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water. b. the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water. c. producers of diamonds have a much greater ability to manipulate diamond prices than producers of water have to manipulate water prices. d. water prices are held artificially low by governments, since water is necessary for life.