Which of the following is NOT a determinant of demand?
A) consumers' incomes
B) prices of other goods
C) consumers' tastes
D) production technology
D
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Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. As a result of this change
A) price will be higher, output will be lower, and the deadweight loss will be eliminated. B) consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency. C) consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus. D) price will be higher, consumer surplus will be greater, and output will be greater.
Federal support for road building into publicly owned commercial forests has caused
a. an increase in the supply of timber. b. an increase in the demand for timber. c. higher timber prices. d. a shortage of timber. e. All of the above.
A reduction in the required reserve ratio has the instant effect of:
a. Increasing excess reserves. b. Increasing bank shareholders' equity. c. Increasing bank reserves. d. All of the above are correct. e. None of the above is correct.
Which of the following is most likely to be overconsumed?
A. Free water B. Tap water C. Sparkling water D. Bottled water