An increase (rightward shift) in the demand for a good will tend to cause a. an increase in the equilibrium price and quantity
What will be an ideal response?
an increase in the equilibrium price and quantity
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Refer to Table 2-18. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas
A decrease in the number of dry cleaners in an area is represented by a(n):
a. downward movement along the dry cleaning supply curve. b. upward movement along the dry cleaning supply curve. c. leftward shift in the dry cleaning supply curve. d. rightward shift in the dry cleaning supply curve. e. vertical dry cleaning supply curve.
The law of diminishing marginal utility indicates that the slope of the marginal utility curve eventually becomes:
a. negative b. vertical c. horizontal d. positive
All of the following are examples of spending on goods and services in the circular flow model except
A) Giovani buys a new cell phone to replace the one he flushed down the toilet. B) Amir buys a new humidor for his cigar shop. C) Isabella buys the sushi plate for lunch at the Turning Japanese Sushi Bar. D) Vijay buys a new minivan for his family's cross-country vacation.