What happens to the equilibrium price and quantity in the market for science fiction novels, a normal good, when income increases and a new technology is invented, making it easier to publish books.
a. Quantity and price both increase.
b. Quantity and price both decrease.
c. Quantity will increase and the price change is ambiguous.
d. Price will decrease but the quantity change is ambiguous.
c. Quantity will increase and the price change is ambiguous.
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Exhibit 30-1
?
A. It is the quantity of output at which marginal social costs (MSC) equal marginal private costs (MPC). B. It is the quantity of output at which MPC > MSC. C. It is the market output; it is the quantity of output that exists if the external costs associated with the negative externality are not taken into account. D. It is the socially optimal output; it is the quantity of output that exists if the external costs associated with the negative externality are taken into account. E. none of the above
Over the most recent movement from cyclical trough to peak, 1991:Q1 to 2001:Q1, gross private domestic investment ________ approximately ________ percent
A) rose, 49 B) rose, 73 C) rose, 6 D) fell, 68 E) fell, 20
The concentration ratio of an industry is a measure that captures the share of the industry’s total output that is produced by its four largest firms.
Answer the following statement true (T) or false (F)
Barter requires:
a. that the exchanged goods be portable. b. that the exchanged goods be durable. c. a coincidence of wants. d. that the exchange medium be divisible. e. an effective middleman.