A decrease in the number of dry cleaners in an area can be represented by a(n)
a. downward movement along the dry cleaning supply curve
b. upward movement along the dry cleaning supply curve
c. leftward shift in the dry cleaning supply curve
d. rightward shift in the dry cleaning supply curve
e. vertical dry cleaning supply curve
C
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If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. lower; lower B. higher; higher C. lower; uncertain D. uncertain; lower
In case of a decrease in product prices:
A) the quantity effect always dominates the price effect. B) the price effect always dominates the quantity effect. C) when the price effect dominates the quantity effect, total revenue increases. D) when the quantity effect dominates the price effect, total revenue increases.
What type of protection does U.S. law grant the creator of a book, film, or piece of music?
A) A copyright, which grants exclusive rights to the creator for 20 years after the work is created. B) A patent, which grants the exclusive right to use the creation during the creator's lifetime and to his or her heirs for 70 years after the creator's death. C) A public franchise, which grants the exclusive right to use the creation during the creator's lifetime and to his or her heirs for 70 years after the creator's death. D) A copyright, which grants the exclusive right to use the creation during the creator's lifetime and to his or her heirs for 70 years after the creator's death.
An income distribution in which all households receive exactly the same income is referred to as a(n)
a. just distribution of income. b. proportional distribution of income. c. equal distribution of income. d. equitable distribution of income.