The demand curve for a product might shift as the result of a change in:
A. consumer incomes.
B. consumer tastes.
C. the prices of related goods.
D. all of these.
Answer: D
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The concept of a market is a
A. place where sellers increase their wealth. B. store. C. location where buyers and sellers meet to negotiate prices and determine quantities traded. D. group of buyers and sellers of a good or service.
An upward sloping short-run aggregate supply curve suggests that
A) prices and wages are completely inflexible. B) prices and wages adjust in part to short-run demand changes. C) prices and wages are completely flexible. D) real GDP is determined by aggregate supply.
When a consumer's willingness to buy a good or service is influenced by the number of people who have purchased that good or service, this is called
A. an advertising gimmick. B. a network effect. C. a switching cost. D. an opportunity cost.
At the current price of a good, Al's consumer surplus equals 15 and Ben's consumer surplus equals 15. By using two-part pricing, a monopolist could increase his profit by
A) 8. B) 16. C) 15. D) 30.