When the demand curve shifts, the ____ elastic the supply curve at the initial equilibrium price, the _____ the change in equilibrium price and the ______ the change in equilibrium quantity.
A. more; larger; smaller
B. less; larger; smaller
C. more; larger; larger
D. less; smaller; larger
B. less; larger; smaller
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A perfectly competitive firm cannot practice price discrimination because
A) each consumer in a perfectly competitive market has the same willingness to pay. B) the firm can only charge the market price. C) a firm that breaks even in the long run cannot afford to engage in yield management. D) it does not advertise; this prevents the firm from marketing its product to different segments of the market.
An increase in U.S. Treasury deposits at the Fed reduces both ________ and the ________
A) reserves; monetary base B) Fed liabilities; money multiplier C) Fed assets; monetary base D) Fed assets; money multiplier
Nonfinancial businesses may acquire funds by borrowing from a commercial bank or by ________
A) purchasing short-term assets B) issuing securities C) issuing insurance policies D) trading on an exchange
According to the above figure, the maximum profit the monopolist can receive is
A) 0. B) $1,500 per day. C) $9,000 per day. D) $7,500 per day.