A change in one of the many determinants of ______ or ______ leads to changes in equilibrium price and equilibrium quantity.
a. goods; services.
b. demand; supply
c. demand; services
d. goods; supply
b. demand; supply
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In the short run, a perfectly competitive firm can earn positive, zero, or negative profit depending on the market price of the firm's output
Indicate whether the statement is true or false
In terms of the dollar value of payment, which of the following comprises the largest share?
a. cash b. personal checks c. debit cards d. credit cards
The market where currencies are exchanged is called the foreign exchange market
Indicate whether the statement is true or false
A rain barrel is a container that captures and stores rainwater for landscape and garden use during dry periods. Rain barrels provide an external benefit to the community through water conservation. What can the government do to equate the equilibrium quantity of rain barrels and the socially optimal quantity of rain barrels?
a. impose a tax on rain barrels that is equal to the per-unit externality b. offer a subsidy on rain barrels that is equal to the per-unit externality c. encourage homeowners to bargain with rain barrel producers d. nothing