As shown in Exhibit 5-9, assuming goods X and Y are substitutes, an increase in the price of Y, other factors held constant, could move the equilibrium from point E to point:
a. A.
b. B.
c. C.
d. D.
c
Economics
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Refer to Figure 6-1. A perfectly inelastic demand curve is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Economics
The force that leads to zero economic profits for monopolistically competitive firms in the long run is: a. excess capacity
b. price wars among firms. c. new entry. d. excessive advertising.
Economics
If there is a surplus in the oil market, then the price of oil will:
A. rise. B. fall. C. remain unchanged. D. react unpredictably.
Economics
Which of the following is purchased in a factor market?
A. A motorized scooter used for commuting by a student. B. National defense. C. A bag of jellybeans. D. The labor of a state university professor.
Economics