U.S. Steel considers the iron ore market thin because of:
a. the availability of wide range of ore producers.
b. the scarcity of alternative ore suppliers.
c. the volatility of ore prices.
d. the low deliverability risks.
B
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A decrease in the price of a good would
a. increase the demand for the good. b. increase the quantity demanded for the good. c. decrease the demand for the good. d. decrease the quantity supplied of the good.
An external cost is
A. MSC ? MC. B. MSC/ MC. C. MSC + MC. D. MSC × MC.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called the
a. producer surplus b. substitution effect c. price discrimination d. income effect e. consumer surplus