A residual demand curve:
A. shows the relationship between the market price and the quantity demanded by consumers at each price.
B. shows the relationship between a firm's output and the market price given the prices charged by the firm's rivals.
C. shows the relationship between a firm's output and the market price given the outputs of the firm's rivals.
D. shows the remaining demand for a good after a firm's rivals have sold their output.
C. shows the relationship between a firm's output and the market price given the outputs of the firm's rivals.
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The response of output following a natural disaster includes
A) an increase in output demand and an increase in output supply. B) an increase in output demand and a decrease in output supply. C) a decrease in output demand and an increase in output supply. D) a decrease in output demand and a decrease in output supply.
The long-term impact of Munn v Illinois (1877) on regulatory efforts was
(a) to hold back federal efforts to regulate business. (b) to prevent states from regulating interstate trade. (c) to provide a temporary justification for regulating business. (d) to establish government as able to regulate all businesses permanently.
In which of the following tax systems do taxes increase as income increases?
a. both proportional and progressive b. proportional but not progressive c. progressive but not proportional d. neither proportional nor progressive
If consumers become pessimistic, the economy is likely to experience a
A. Negative demand shock B. Positive demand shock C. Negative supply shock D. Positive supply shock