Which of the following can bring about a change in the quantity demanded?
a. decrease in quantity supplied
b. increase in quantity supplied
c. change in income
d. change in price
e. change in taste
D
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Refer to Scenario 15.3. Which of the following would raise $X?
A) Lower current income B) Lower expected growth in income C) Lower mortality rates D) Lower interest rates E) Higher age at time of death
Which of the following statements correctly summarizes a difference between the layperson's and the economist's views of the net benefits of trade?
A. Economists focus on trade in manufactured goods while laypeople also focus on trade involving the services of people who manage the trade. B. Economists often argue that the gains from trade in the form of low consumer prices tend to be widespread and not easily recognizable while the costs in jobs lost tend to be concentrated and readily identifiable. C. Economists often argue that most U.S. jobs are at risk of outsourcing while laypeople intuitively recognize that inherent in comparative advantage is that each country has a comparative advantage in the production of some good. D. Economists most often argue that the costs of trade outweigh the benefits while laypeople often argue that the benefits of trade outweigh the costs.
If Happy Feet chooses to No Ad and Best Nails then chooses to Ad, Happy Feet earns ________ million in net profit and Best Nails earns ________ million.
Happy Feet wants to prevent Best Nails from entering the nail salon market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Happy Feet and Best Nails have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) $1; $4 B) $5; $1 C) $4; $1 D) $2; $3
For maximum profit, a firm hires labor up to the point at which the wage equals (i) the value of the marginal product of labor. (ii) the marginal cost of an additional unit of output. (iii) output price multiplied by the marginal product of labor
a. (i) and (ii) only b. (i) and (iii) only c. (ii) and (iii) only d. (i), (ii), and (iii)