If orange juice prices fall by 25 percent next year, there will be a
A. rightward shift in the demand for pineapple juice.
B. rightward shift in the supply of pineapple juice.
C. leftward shift in the supply of pineapple juice.
D. leftward shift in the demand for pineapple juice.
Answer: D
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Use the following diagram to answer the next question.
The move from point 1 to point 2 in the diagram represents ________.
A. a decrease in both the unemployment rate and the inflation rate B. a decrease in the unemployment rate and an increase in the inflation rate C. an increase in the unemployment rate and a decrease in the inflation rate D. an increase in both the unemployment rate and the inflation rate
Suppose there are 7 firms in the candy industry with the market shares shown above. What is the HHI for the industry?
A) 1850 B) 2000 C) 6400 D) 100 E) 20
Polar ice cap shrinks further and thins With global warming of the planet, the polar ice cap is shrinking. As the Arctic Sea expands, more underwater mineral resources will be accessible
Countries are staking out territorial claims to parts of the polar region. Source: The Wall Street Journal, April 7, 2009 Explain how ownership of these mineral resources will influence the amount of damage done to the Arctic Sea and its wildlife.
Suppose that Bieber and Rihanna are duopolists in the music industry. In May, they agree to work together as a monopolist, charging the monopoly price for their music and producing the monopoly quantity of songs. By June, each singer is considering breaking the agreement. What would you expect to happen next?
a. Bieber and Rihanna will determine that it is in each singer's self interest to maintain the agreement. b. Bieber and Rihanna will each break the agreement. Both singers' profits will decrease. c. Bieber and Rihanna will each break the agreement. Both singers' profits will increase. d. Bieber and Rihanna will each break the agreement. The new equilibrium quantity of songs will increase, and the new equilibrium price also will increase.