You write a check to your landlord to pay the rent on your apartment. To your landlord, your check represents
a. a claim to goods and services in the future.
b. a good with intrinsic value
c. a double coincidence of wants.
d. a good with immediate value.
a
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If the price of a good lies between the zero-profit point and the shutdown point, a perfectly competitive firm should shut down immediately
a. True b. False Indicate whether the statement is true or false
If consumers view cappuccinos and lattes as substitutes, what would happen to the equilibrium price and quantity of lattes if the price of cappuccinos rises?
A) Both the equilibrium price and quantity would increase. B) Both the equilibrium price and quantity would decrease. C) The equilibrium price would increase, and the equilibrium quantity would decrease. D) The equilibrium price would decrease, and the equilibrium quantity would increase.
Plastic and steel are substitutes in the production of automobiles. If steel prices go up, all other things unchanged:
A) the equilibrium price of plastic will fall. B) the demand curve for plastic will shift to the left. C) the demand curve for plastic will shift to the right. D) the equilibrium quantity of plastic demanded will increase and the equilibrium price will fall.
Demand is more elastic for an item which represents a relatively large part of a person's total budget.
Answer the following statement true (T) or false (F)