When demand falls and supply stays the same,
A. equilibrium quantity rises.
B. equilibrium quantity falls.
C. equilibrium quantity stays the same.
B. equilibrium quantity falls.
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Moral hazard:
A. always happens when adverse selection is a problem. B. never happens when adverse selection is a problem. C. can happen when adverse selection is a problem. D. None of these statements is true.
In a perfectly competitive market industry, firm's prices are equal to
a. Average revenue b. Marginal revenue c. Both a and b d. None of the above
Suppose Enid could increase her total utility by purchasing one more book and one less video rental. Which of the following is true?
a. The marginal utility of video rentals exceeds the marginal utility of books. b. The marginal utility of books exceeds the marginal utility of video rentals. c. The marginal utility of video rentals is negative. d. The marginal utility per dollar spent on books exceeds that of video rentals. e. Total utility is at a maximum.
An increase in capital will increase real GNP per person
a. more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. b. more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment. c. less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. d. less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment.