If the economy experiences a strong boom and consumers' incomes sharply rise, larger, more remote stores with lower prices are ________ to have a(n) ________ in the number of customers.
A) not likely; decrease
B) likely; decrease
C) not likely; change
D) likely; increase
B) likely; decrease
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While unions represent only a fraction of the unskilled workers in the U.S. labor market, any wage increase won by unionized workers is most likely shared with non-union unskilled workers
a. True b. False Indicate whether the statement is true or false
Which of the following thoughts do the Keynesian and the new Keynesian economists share?
a. The belief that wages and prices are not flexible in the short run b. The belief that the aggregate supply curve is always a horizontal line c. The belief that the government's role in the economy should be minimized d. The belief that the natural rate of unemployment in an economy is always zero e. The belief that prices are constant and that changes in aggregate expenditures determine equilibrium real GDP
The demand for a good is less price elastic
A) if closer substitutes are available. B) if the good is a luxury rather than a necessity. C) if the share of the good in the average consumer's budget is smaller. D) in the long run than in the short run.
If price is above the equilibrium price, then there will be:
A. excess demand. B. both excess supply and excess demand. C. excess supply. D. neither excess supply nor excess demand.