The law of demand implies that, other things remaining the same,
A) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded increases.
B) as the demand for cheeseburgers increases, the price of a cheeseburger falls.
C) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded decreases.
D) as more people demand cheeseburgers, the quantity demanded increases.
E) as income increases, the quantity of cheeseburgers demanded increases.
C
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Fill in the blank: Your textbook authors wrote, "A law that restricts competitors ________ competition."
A) preserves B) restricts C) promotes D) repairs
Russia, Iran and Qatar made the first serious moves in October 2008 toward forming an OPEC-style cartel on natural gas. What is the goal of a cartel?
A) restrict output B) raise prices C) increase sales D) increase profits
If the Fed purchases $1 million in securities from the nonbank public, the monetary base will rise by $1 million
A) if the public holds the proceeds as currency. B) if the public deposits the proceeds as checkable deposits. C) if the public deposits the proceeds with the Treasury in a monetary base account. D) whether the public holds the proceeds as currency or deposits them as checkable deposits.
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
a. perfectly competitive firms but not by monopolistically competitive firms. b. monopolistically competitive firms but not by perfectly competitive firms. c. both monopolistically competitive firms and perfectly competitive firms. d. neither perfectly competitive firms nor monopolistically competitive firms.