Apple just announced it will be coming out with the newest model iPhone in the next six months. One could reasonably expect demand for the current model of iPhone to:
A. decrease due to a change in expectations of future prices.
B. increase due to a change in expectations of future prices.
C. increase due to limited supply of the current model.
D. decrease due to the change in price of a substitute good.
A. decrease due to a change in expectations of future prices.
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Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents the final consumer goods and services?
A) Arrow A B) Arrow B C) Arrow C D) Arrow D
Which of the following institutional changes contributed to the high rate of development in European and North American countries?
a. An increase in government intervention in production and consumption of goods and services through taxes and subsisidies b. An increase in governments' support to monopolistic firms and businesses c. An increase in government ownership of resources d. Stricter enforcement of private property rights
In the circular-flow diagram,
a. factors of production flow from government to firms. b. goods and services flow from households to firms. c. income paid to the factors of production flows from firms to households. d. spending on goods and services flows from firms to households.
Figure 7-11
Refer to . As price falls from PA to PB, which demand curve represents the most elastic demand?
a.
D1
b.
D2
c.
D3
d.
All of the above are equally elastic.