If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by a(an):
A. increase in the supply of the good.
B. increase in the demand for the good.
C. decrease in the demand for the good.
D. decrease in the supply of the good.
Answer: C
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1
A. economic surplus is maximized. B. missing surplus of b + d occurs. C. missing surplus of e + d occurs. D. consumer surplus is maximized.
Since 1950, it can be observed that the female participation rate in our labor force has
A) increased. B) decreased. C) stayed constant. D) moved erratically up and down.
Consider the relationship given by QCars = 100 + 4 × PCars - 2 × PSteel - 0.2 × PWorkers, where QCars is the quantity of cars supplied (in thousands), PCars is the price of cars (in thousands of dollars), PSteel is the price of steel, and PWorkers is the wage earned by autoworkers. If the price of steel is $10 per unit and the price of workers (the wage) is $20, at what price would there be 164,000 cars supplied?
A. $10,000 B. $16,000 C. $22,000 D. $41,000
Which of the following is typically considered a fixed cost by academic book publishers but a variable cost by companies that print books?
A) postage and supplies B) travel C) rent D) wages and salaries