The notion that buyers determine what will be produced by choosing what they purchase is called consumer sovereignty.
Answer the following statement true (T) or false (F)
True
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If the demand and supply curves for a commodity both shift to the left and the shift in demand is less than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) the same price and quantity. B) a higher price and quantity. C) a higher price and a lower quantity. D) a lower price and a higher quantity.
A worker will become indifferent between spending the next hour on work or leisure if the benefit of another hour of work is:
A. greater than the opportunity cost. B. exactly equal to the opportunity cost. C. less than the opportunity cost. D. constant for each additional hour worked.
High gasoline prices give people all of the following incentives EXCEPT
A. to drive less. B. to car pool. C. to take vacations that require driving more miles. D. to buy a hybrid car.
Monopolies and oligopolies both erect barriers to entry through the use of
A) price cutting. B) patents. C) franchising. D) advertising.