Two studies published in the New England Journal of Medicine link the risk of breast cancer to alcohol consumption. Young women who have nine drinks per week were reportedly 150 percent more likely to develop breast cancer. Considering the market for alcohol, an economist would predict a movement
A. up the demand curve as quantity demanded falls.
B. up the supply curve as the demand curve shifts.
C. down the supply curve as the demand curve shifts.
D. down the demand curve as quantity falls.
Answer: C
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The curve in the above figure will shift to the right when
A) the price level falls. B) the proportion of the population that is elderly increases. C) population falls. D) technology increases.
Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that we observe Krystal staying open 2 hours per day
If she is following the marginal principle, what must her marginal benefit be? A) $6 B) $12 C) $15 D) $18
The graphs below show an economy of two people with identical incomes in two years. They have different preference patterns as shown. 
What will happen in the market to bring about equilibrium?
What will be an ideal response?
When a competitive firm is in long-run equilibrium, its accounting profits are greater than zero.
Answer the following statement true (T) or false (F)