Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?
A) a decrease in demand and an increase in supply
B) an increase in supply
C) an increase in supply and an increase in demand greater than the increase in supply
D) a decrease in demand and a decrease in supply
Answer: B
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Suppose you have one hour to catch a flight to Miami for spring break, and it takes 45 minutes to drive to the airport. Your car is almost out of gas and the price of gas at the closest gas station is higher than at other gas stations that are much farther away. To you, the price elasticity of demand for gas is likely to be ________ than it would be if you had several hours before the flight.
A. more variable B. higher C. lower D. no different
?If an individual is living in a period of continued high inflation on a fixed income, then:
a. the cost of the goods and services he or she buys decreases and his or her real income increases. b. the cost of the goods and services he or she buys increases and his or her real income increases. c. the cost of the goods and services he or she buys increases, but his or her real income remains the same. d. the cost of the goods and services he or she buys increases and his or her real income decreases. e. the cost of the goods and services he or she buys decreases and his or her real income remains the same.
Recall the Application about the 1998 merger between Pennzoil and Quaker State to answer the following question(s). The merger resulted in a company with a market share of 38 percent: 29 percent from Pennzoil and 9 percent from Quaker State.Recall the Application. A recent study looked at the merger between Pennzoil Motor Oils and Quaker State Motor Oils, plus four other mergers. Their study found that after the mergers, the price of their products only slightly increased. This modest increase surprised:
A. those who expected the price to rise by a lot because of increased concentration. B. those who expected to price to decrease because of increased efficiency. C. those who expected the price to decrease because of increased government regulations. D. those who expected the price to rise by a lot because of increased concentration and those who expected to price to decrease because of increased efficiency are correct.
Highway and home construction had a boom from
A. 1925-1940. B. 1935-1950. C. 1945-1960. D. 1965-1980.