A decrease in consumer confidence will cause a:
A. shift in aggregate demand to the right.
B. movement downward along the aggregate demand curve.
C. shift in aggregate demand to the left.
D. movement upward along the aggregate demand curve.
Answer: C
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A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug that is
a. inelastic. b. unit elastic. c. elastic. d. highly responsive to changes in income.
Suppose chicken farm waste flowed into a river used by a neighbor for drinking water. The results of the Coase theorem s are relevant when the legal rights to the river are given to:
a. the chicken farm. b. the neighbor. c. either the chicken farm or the neighbor. d. neither the chicken farm nor the neighbor
Opportunity cost is the difference between the nominal and real cost of some action.
Answer the following statement true (T) or false (F)
Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. If the restaurant charges the single price of $8 per meal, what is its profit from senior customers?
A. $1,200 B. $1,500 C. $2,280 D. $2,560