Equilibrium price is _______ and equilibrium quantity is _______.
A. $10; 36
B. $8; 30
C. $8; 22
D. $6; 29
B. $8; 30
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If the government began providing free textbooks to college students who would otherwise have bought their books from the private sector, the government's action would result in
A) a Ricardian dilemma. B) a direct expenditure offset. C) an increase in real Gross Domestic Product (GDP). D) a reduction of the government deficit.
Using the data in the above table, the equilibrium quantity and equilibrium price for a cellular telephone is
A) 50 thousand and $100. B) 80 thousand and $80. C) 60 thousand and $50. D) 40 thousand and $20.
A characteristic of an increasing cost industry is that, as the market expands, the:
a. price of the product increases. b. costs of production increase. c. price of the product decreases. d. costs of production decrease.
Suppose two variables are directly related. If one variable rises, then the other variable:
A. also rises. B. falls. C. remains unchanged. D. reacts unpredictably.