A decrease in demand for cameras would likely be caused by
A. a decrease in the price of cameras.
B. an increase in the price of a substitute good.
C. an increase in the price of cameras.
D. an increase in the price of a complementary good.
Answer: D
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If a natural monopolist were to sell at the price where marginal cost equals demand, then it would be earning
a. zero economic profits, like a competitive firm in the long-run. b. negative profits and would not be able to survive. c. positive profits but not would not need to worry about government intervention to regulate it. d. positive profits but would still need to worry about possible government intervention to regulate it.
Unemployment in the United States varies considerably over time.
Answer the following statement true (T) or false (F)
________ is the total value of final goods and services produced within the borders of a country, using current market prices to determine the value of each unit that is produced
A) Gross national product B) Real gross domestic product C) Nominal gross domestic product D) Total product
Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) Violet's consumer surplus is $2. B) everyone will buy a ticket. C) consumer surplus will be maximized. D) no one will buy a ticket.