In Graph A, if the price of Coca-Cola changes from Point A to Point B, what type of change will happen in Graph B?
a. a shift down
b. a shift up
c. a shift to the right
d. a shift to the left
c. a shift to the right
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The biggest problem caused by a deflation is that
A) prices fall. B) wages fall. C) interest rates rise. D) people cannot repay their debts.
The short run is a time period that is
A) equal to a day. B) too short to change the amount of labor hired. C) too short to change the size of the firm's plant. D) long enough to change the size of the firm's plant. E) too short to change the amount of any resource the firm employs.
In the 1970s, members of the Law and Economics program at the University of Chicago argued that
a. per se rules should be adopted by the Supreme Court and used to decide antitrust cases. b. large firms should always be broken up in order to encourage competition. c. large market shares may be due to efficient management or innovation. d. courts should "get out of the antitrust business".
A tariff will typically
A. increase the price, net of the tariff, that is received by sellers. B. increase the price paid by consumers. C. reduce the price paid by consumers. D. have no effect on price.