Why does competition lead to lower prices for consumers?
A. Companies do not lower prices for consumers.
B. Companies bid down each other to get your business.
C. Companies bid against each other to get workers at minimum wage.
D. Companies can find cheaper resources.
Answer: B
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According to the graph shown, if this economy were open to free trade, and decided to impose a tariff, the domestic quantity demanded would:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. decrease from 1500 to 1150.
B. increase from 1150 to 1500.
C. increase from 815 to 1150.
D. decrease from 1150 to 815.
Allocative efficiency involves which of the following?
a. Producing the optimal quantity of some output for a society b. Selling the minimum number of goods that a society demands c. Selling the most amount of goods at the highest sustainable price d. Producing at a level that maximizes profits and minimizes costs
These educational fields contribute to the advancement of technology in
A. scientific, engineering, and managerial education. B. medical, mathematics, engineering. C. chemistry, biology, computer science. D. the liberal arts.
If the demand curve for computers increases:
a. More will be demanded at lower prices b. Less will be purchased at each possible price c. More will be demanded at the same prices d. More will be purchased at each possible price