A decrease in quantity and price is consistent with a:
A. leftward shift in supply keeping demand constant.
B. rightward shift in demand and a leftward shift in supply.
C. leftward shift in demand keeping supply constant.
D. rightward shift in supply and demand.
Answer: C
You might also like to view...
The oligopolistic industry is not allocatively efficient because
A. the industry produces too little of the good. B. the industry produces at the lowest marginal cost. C. the industry produces at the lowest average total cost. D. the industry produces too much of the good.
Wal-Mart has a limited number of "Black Friday" (the day after Thanksgiving Day) special items on sale at prices well below their typical price. Wal-Mart opens at 10 PM on Thanksgiving. Wal-Mart is using a ________ allocation method for these it
A) first-come, first-served B) market price C) contest D) majority rule E) command
Marginal utility is
A. the utility obtained from the consumption of all but the last unit of a good. B. the change in utility that results from increasing the amount of a good consumed by one unit. C. the relative value of two goods when a utility-maximizing decision has been made. D. the change in the amount of a good consumed that increases total utility by one unit.
The recession of 2007-2009 started
A. abruptly in 2007 with higher gasoline prices. B. in 2006. C. rather mildly in late 2007. D. with the financial collapse.