Today's demand curve for gasoline could shift in response to a change in
a. today's price of gasoline.
b. the expected future price of gasoline.
c. the number of sellers of gasoline.
d. All of the above are correct.
b
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Comment on the following statement: "In the short run, a firm's total costs will be zero if the firm chooses to produce nothing."
What will be an ideal response?
Many country inns shut down in the off-season because
a. the off-season market price falls below average total cost b. the off-season market price can't cover their average fixed cost c. the off-season revenue can't cover variable cost d. the off-season price is below the marginal cost of providing a room e. innkeepers are interested in maximizing revenue
In the long run (the HO model), immigration will lead to:
a. an increase in the price of both the laborintensive and the capitalintensive goods in the receiving country. b. an increase in the price of the laborintensive good and a decrease in the price of the capitalintensive good in the receiving country. c. a decrease in the price of both the laborintensive and the capitalintensive goods in the receiving country. d. no change in the price of either the laborintensive or the capitalintensive good in the receiving country
Other things equal, if $100 billion of government purchases (G) is added to private spending (C + I g + X n ), GDP will:
A. increase by $100 billion. B. increase by less than $100 billion. C. increase by more than $100 billion. D. fall by $100 billion.