When the supply of blueberries increases while the demand for blueberries also increases, the equilibrium ________ of blueberries will definitely ________, ceteris paribus.
A. price; increase
B. price; decrease
C. quantity; increase
D. quantity; decrease
Answer: C
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Which of the following describes the law of demand? When other things remain the same, as
A) the price of gas falls, the quantity demanded of gas increases. B) the quantity demanded of bread increases, the price of bread falls. C) the price of peanut butter increases, the quantity demanded of jelly decreases. D) your income increases, you'll buy more hamburgers. E) more people decide to eat pizza, the demand for pizza increases.
Applying Coase's theorem, if the cost to you from having the airplane seat in front of you reclined is ________ the benefit to the reclining passenger, you should ________
A) greater than; request a payment from the reclining passenger B) less than; request a payment from the reclining passenger C) greater than; make a payment to the reclining passenger D) less than; make a payment to the reclining passenger
Which of the following is not correct?
a. Indifference curves are downward sloping. b. Indifference curves that are closer to the origin are preferred to indifference curves that are further from the origin. c. Indifference curves are bowed in toward the origin. d. Indifference curves do not cross.
"Learning by doing" results in decreased average costs of production and is illustrated by a downward shift of the firm's long-run average cost curve
Indicate whether the statement is true or false