A shift of the demand curve to the left represents
A) an increase in demand.
B) a decrease in demand.
C) an increase in quantity demanded.
D) a decrease in quantity demanded.
Answer: B
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
As a perfectly competitive firm produces more and more of a good, its economic profit
A) constantly increases. B) constantly decreases. C) first decreases, then increases. D) first increases, then decreases. E) does not change.
How do consumers react to a tax on an item with few or no substitutes?
a. They stop consuming the product. b. They consume a bit less. c. They consume considerably less. d. They consume a bit more.
Tacit collusion
A. is more likely to be successful in increasing industry profits when there are a few, similar firms in the industry. B. is more likely to effectively raise prices in the industry when demand is elastic. C. occurs when firms engage in formal agreements to reduce output and increase prices in their industry. D. is legal under the U.S. antitrust laws.