Which factor will increase the demand for a product?
a. An increase in the price of a substitute product
b. An increase in the price of a complementary product
c. An unfavorable report on the value of the product
d. A decrease in the number of buyers
a. An increase in the price of a substitute product
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Using Figure 9.1, explain what a firm would do in the short run if the market price of its product were at P3 and it produced Q3 . Is the firm earning an economic profit? Explain
What will be an ideal response?
Which group is hurt by inflation being less than expected?
A) holders of TIPS B) lenders of fixed-rate mortgages C) borrowers with fixed-rate mortgages D) all of the above
An exchange rate is the number of units that buys one unit of another currency.
a. true b. false
What happens to a monopolistically competitive firm that begins to change an excessive price for its product?
a) The firm will go out of business b) Consumers will substitue a rival's product c) Consumers will boycott the product d) The government will regulate the price