Prices of microbrewery beer (assume that this is a normal good) have risen steadily in recent years. Over this same period, prices for fermenting vats used in beer making have also risen and consumer incomes have fallen
Which of the following best explains the rising prices of microbrewery beer?
A) The supply curve for microbrewery beer has shifted to the left while the demand curve for microbrewery beer has shifted to the right.
B) The supply curve for microbrewery beer has shifted to the left more than the demand curve has shifted to the left.
C) The demand curve for microbrewery beer has shifted to the left more than the supply curve has shifted to the left.
D) The demand curve and the supply curve for microbrewery beer have both shifted to the right.
B
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In the classical model, what is the result of an increase in aggregate demand?
A) The price level increases, and real GDP remains constant. B) The price level decreases, and real GDP remains constant. C) Real GDP increases, and the price level remains constant. D) Real GDP decreases, and the price level remains constant.
Those economists who do not believe there is anything inherently wrong with monopolies advocate a policy of
a. laissez-faire b. marginal cost pricing c. antitrust d. patent control e. nationalization
The monopolist's demand curve is
a. downward sloping and identical to the market demand curve b. downward sloping and identical to the marginal revenue curve c. downward sloping and lies below the marginal revenue curve d. a horizontal line at a price consistent with maximum profit e. a U-shaped curve that lies above the U-shaped ATC curve
What antitrust rule was Apple and five of the nation's largest publishers accused of in April 2012?
a. predatory pricing b. per se illegal c. tying contract d. exclusive dealing