If both the supply and demand curves shift simultaneously, we can always predict what will happen to
A) both the price and the quantity.
B) either the price or the quantity, but not both.
C) only the price.
D) only the quantity.
E) neither the price nor the quantity.
B
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The legislation that made all depository institutions regardless of Federal Reserve membership subject to the reserve requirements established by the Fed is called the:
A) Glass-Steagall Act. B) McFadden Act. C) Monetary Control Act of 1980. D) none of the above
Refer to the above figure. Suppose demand is D2 and then increases to D3. The change in economic rent is
A) zero. B) area CIHF. C) area CIGO. D) area BJC.
Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number of Cakes Per DayTotal Cost Per Day0$1001$1802$2203$3004$4005$5206$660 If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $95 each, then Sarah should produce ________ cakes per day.
A. 5 B. 3 C. 6 D. 0
The closer the industry concentration ratio is to 100, the more likely it is that
A. there are a reasonably large number of medium-sized firms. B. this is an industry approaching perfect competition. C. there is a small number of large firms. D. price competition is being practiced.