Short-run decisions are:
A. constrained because some inputs are fixed and others are variable.
B. constrained because all inputs are fixed.
C. unconstrained because all inputs are variable.
D. constrained because all inputs are variable.
Answer: A
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We expect the demand curve in the perfectly competitive industry to be
A. negatively sloped. B. vertical. C. horizontal. D. perfectly elastic.
Due to the lack of timely data for the price level and economic growth, the Fed's strategy
A) targets the exchange rate, since the Fed can control this variable. B) targets the price of gold, since it is closely related to economic activity. C) uses an intermediate target, such as an interest rate. D) stabilizes the consumer price index, since the Fed can control the CPI.
Given the market data for good X in the above table, an equilibrium quantity is established at
A) 90 units. B) 60 units. C) 30 units. D) 120 units.
In April, market analysts predict that the price of titanium will fall in May. What happens in the titanium market in April, holding everything else constant?
A) The demand curve shifts to the right.
B) The supply curve shifts to the left.
C) The quantity demanded and the quantity supplied increase.
D) The supply curve shifts to the right.