If the price of hairspray is represented by P in the equation P = 10 - 0.2 QD, then the corresponding quantity of hairspray demanded is represented by the demand equation
A) QD = 50 -5P. B) QD = -10 + 0.2P. C) QD = 0.5P + 2. D) QD = 5P - 2.
A
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A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.
The relative price of one currency in terms of another is known as the ________
A) nominal exchange rate B) real exchange rate C) domestic price level D) real interest rate
Early efforts by states to regulate the railroads:
a. resulted in "Granger laws." b. resulted in laws that were initially supported by the railroads. c. outlawed product discrimination. d. allowed for higher charges on short haul freight.
If the government removes a $2 tax on buyers of cigars and imposes the same $2 tax on sellers of cigars, then the price paid by buyers will
a. not change, and the price received by sellers will not change. b. not change, and the price received by sellers will decrease. c. decrease, and the price received by sellers will not change. d. decrease, and the price received by sellers will decrease.