The supply of leather jackets would be expected to increase as a result of:
A. the expectation that the price of leather jackets will rise in the future.
B. an increase in the popularity of leather jackets.
C. an increase in the price of leather jackets.
D. a decrease in the cost of producing leather jackets.
Answer: D
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If price discrimination enables sellers to increase net revenues, why don't all sellers try it? Because
A) some sellers can't manipulate their price. B) some sellers can't control resentment. C) some sellers can't prevent low-price buyers reselling to high-price buyers. D) of all the above reasons.
The above figure shows Dana's marginal benefit curve for ice cream. If the price of ice cream is $2 per gallon, then the gallon that gives Dana exactly zero consumer surplus is
A) the 8th gallon. B) the 12th gallon. C) the 16th gallon. D) the 20th gallon.
Technology is defined as
A) new innovations and creations. B) the process of developing and revising models. C) the process of recycling products. D) the processes used to produce goods and services.
Which of the following explains why the quantity of a good demanded decreases when its price increases? a. Consumer preferences change when the price of a good changes
b. The nominal income of consumers falls when the price of a good increases. c. Substitutes become relatively cheaper when the price of a good increases. d. Complements become relatively cheaper when the price of a good increases.