When quantity demanded decreases at every possible price, the demand curve has
a. shifted to the left.
b. shifted to the right.
c. not shifted; rather, we have moved along the demand curve to a new point on the same curve.
d. not shifted; rather, the demand curve has become flatter.
a
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Mountain bikers and rollerbladers share the only trail in a city park. The city allows everybody into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions and many injuries occur. Which of the following ways of dealing with the problem does not implicitly grant someone a
property right? a. Allow bikers to use the trail on odd-numbered days and rollerbladers to use it on even-numbered days. b. Allow bikers to use the trail in the morning and rollerbladers to use it in the afternoon. c. Allow only bikers in the park because they have invested in the more expensive sports equipment. d. Kick everybody out of the park. e. Build another trail, put rollerbladers on one and bikers on the other, and give bikers the right-of-way at intersections.
In most years, the foreign financial capital in the United States represented no more than what percentage of the funds used for overall physical investment in the economy?
a. 3% to 5% b. 6% to 10% c. 15% d. 16% to 20%
Suppose a monopolist faces the following demand curve.
The monopolist maximizes its profits by:
A. producing 35 units, since this is where total revenue is maximized. B. producing the level of output at which marginal revenue equals marginal cost. C. producing the level of output at which marginal revenue minus marginal cost is greatest. D. charging $70 for each unit.
An industry's long-run supply curve shows
A) the relationship in the long run between market price and quantity supplied. B) greater than normal profit. C) how average productivity is changing. D) how the government determines the price of the product.