Refer to the figure above. If AD 1 shifts to AD 2, then the equilibrium output:
Increases from Q1 to Q3 while the price level falls from P2 to P1
Increases from Q1 to Q2 while the price level rises from P1 to P2
Increases from Q1 to Q3 while the price level rises from P1 to P2
Increases from Q1 to Q2 while the price level falls from P2 to P1
Increases from Q1 to Q2 while the price level rises from P1 to P2
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Ticket scalpers at the NCAA basketball tournament last year charged prices high above the printed ticket price. This observation is evidence of
A) a surplus at printed ticket prices. B) a shortage at printed ticket prices. C) the tournament not being televised. D) the tournament getting too much television exposure.
Building one large school may do more to promote school integration than constructing two separate schools
Indicate whether the statement is true or false
The market supply curve for any product:
a. always depends on the market demand for that product. b. depends on the general income level of the consumers in the market. c. is a summation of individual firms' supply curves. d. equals the total revenue generated through sale of the commodity. e. is affected by the prices of related products.
If a person could increase total utility by purchasing more candy and fewer apples, then the
a. total utility from candy must exceed the total utility from apples b. marginal utility of candy must exceed the marginal utility of apples c. marginal utility per dollar spent on candy must exceed the marginal utility per dollar spent on apples d. total utility per dollar spent on candy must exceed the total utility per dollar spent on apples e. marginal utility per dollar spent on candy must be less than the marginal utility per dollar spent on apples