Freezing temperatures in California have sharply reduced the supply of oranges in the U.S. You predict that the price of oranges will ________, and the more elastic the demand for oranges, the ________ will be the effect on the price
A) fall; smaller
B) fall; greater
C) rise; smaller
D) rise; greater
C
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SW also ranked ___ among big airlines in baggage handling.
Fill in the blank(s) with the appropriate word(s).
The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ________________ refers to the statistic after it has been adjusted for inflation.
Fill in the blank(s) with the appropriate word(s)
There is always a single market coordination mechanism in economic models.
Answer the following statement true (T) or false (F)
Refer to the graph below for a pure monopoly. Which pricing model would the monopolist ______ to earn positive economic profits?
A. Profit-maximizing price only
B. Both profit-maximizing price and fair-return price
C. Both fair-return price and the socially optimal price
D. All three: profit-maximizing, fair return, and socially optimal prices