If the supply of bottled water decreases and at the same time the demand for bottled water increases, the equilibrium price ________ and the equilibrium quantity ________
A) might rise, fall, or stay the same; decreases
B) might rise, fall, or stay the same; increases
C) falls; increases
D) rises; might increase, decrease, or stay the same
D
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To answer the next question, use the following table, which shows the demand schedule faced by Ninaskets, a pure monopoly selling baskets.PriceNumber of Baskets Sold$203185167141012151030What is the change in total revenue if the pure monopoly lowers the price from $20 to $18?
A. $10 B. $20 C. $30 D. $40
On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 1.15 Swiss francs. Therefore, one Swiss franc would have purchased about ________ U.S. dollars
A) 0.30 B) 0.87 C) 1.15 D) 3.10
In drilling a new oil well in an existing oil field, the fact that output on existing wells is reduced means that
a. existing wells have negatively sloped marginal cost curves. b. existing wells and new wells are owned by different people. c. existing wells and new wells are owned by the same people. d. there is a discrepancy between private and social marginal costs.
In modern China contracts are largely enforced by:
a. plans b. the rule of law c. common law d. Roman law e. state and party officials