Rationing goods on the basis of price is a direct result of
A) scarcity.
B) queuing.
C) government intervention.
D) the profit motive.
A
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If a monopoly's demand curve shifts to the right, the
A) monopoly will charge a higher price. B) monopoly will charge a lower price. C) monopoly will sell more. D) monopoly's decision cannot be determined.
Final goods or services used to compute GDP refer to: a. the sum of all wages paid to laborers
b. the factors of production used to produce output. c. goods and services purchased by the ultimate users. d. the value of outstanding shares of stock of manufacturing firms.
When the more-is-better principle holds, we assign higher utility values to indifference curves:
A. that are closer to the origin. B. that are farther from the origin. C. that are concave. D. that are L-shaped.
If an increase in income leads to a decrease in the demand for popcorn, then popcorn is
A) an inferior good. B) a neutral good. C) a necessity. D) a normal good.