Refer to Figure 3-1. A decrease in the price of the product would be represented by a movement from

A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.


A

Economics

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What would be the consequence for the Lorenz curve is rich people use their resources more efficiently than poor people?

What will be an ideal response?

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Economic models do all of the following except

A) simplify some aspect of economic life. B) answer economic questions. C) make economic ideas explicit and concrete for use by decision makers. D) portray reality in all its minute details.

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Assume the United States is considering either a tariff or a quota to protect motorcycles

For each of the following groups, list whether they should prefer either the tariff or the quota, or be indifferent between the two: importer of motorcycles, taxpayers, foreign producer of motorcycles.

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Collusion is most likely to occur in those oligopolies in which firms have vastly different cost structures

a. True b. False

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