In the above figure, a price of $15 per dozen roses would result in a ________ so that the price of roses will ________
A) surplus; rise
B) surplus; fall
C) shortage; rise
D) shortage; fall
C
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Refer to the payoff matrix below. If Camp R Us announces that it will offer special financing, Happy Campers ________ believe Camp R Us as their incentives ________ align.
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) should; do not B) should; do
C) should not; do D) should not; do not
One defining characteristic of pure monopoly is that:
A. the monopolist produces a product with no close substitutes. B. the monopolist is a price taker. C. there is relatively easy entry into the industry, but exit is difficult. D. the monopolist uses advertising.
Suppose an industry has total sales of $25 million per year. The two largest firms have sales of $6 million each, the third largest firm has sales of $2 million, and the fourth largest firm has sales of $1 million. The four-firm concentration ratio for
this industry is A) 36 percent. B) 60 percent. C) 50 percent. D) 25 percent.
Which one of the following would likely reduce the level of structural unemployment?
A) increasing the minimum wage to encourage more people to work B) limiting unemployment insurance benefits C) strengthening restrictions on who can be licensed to enter certain professions D) increasing the level of union bargaining power