Refer to the diagram, which shows demand and supply conditions in the competitive market for product X. A shift in the demand curve from D 0 to D 1 might be caused by a(n):
A. decrease in income if X is an inferior good.
B. increase in the price of complementary good Y.
C. increase in money incomes if X is a normal good.
D. increase in the price of substitute product Y.
B. increase in the price of complementary good Y.
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The public debt can be thought of as
A) the total amount the government spends for goods and services. B) the total amount consumers owe on their credit cards. C) accumulated budget deficits and surpluses. D) the total amount in taxes consumers pay to the government.
What does a study of immigration figures before 1921 indicate?
(a) An overwhelming majority of immigrants came from the British Isles. (b) Voluntary immigrations slowed as 1921 approached. (c) The diversification of immigrants increased since the colonial period of U.S. history. (d) It is not possible to link immigration patterns and growth in the U.S. economy.
Even if better programs become available, Microsoft's Windows software may retain market dominance because of
a. network externalities. b. its user-friendliness. c. switching costs. d. both a & c.
Tony's Lawn Service uses only one variable input, fertilizer. The firm's demand curve for fertilizer in the short run is the input's
A. marginal product curve. B. total product curve. C. total cost curve. D. marginal revenue product curve.