Which of the following is true in ski-towns such as Crested Butte, Colorado, and Whistler, British Columbia during the peak winter ski season as compared to the months of May and June?
a. Demand for motel rooms is higher.
b. Demand for motel rooms is lower.
c. The price of motel rooms will tend to be lower.
d. There is a surplus of motel rooms.
a
You might also like to view...
Suppose that in the market for bottled water, the market supply is QS = 14 + 20Pand the market demand is QD = 74 – 10P, then equilibrium price is
a. $2 b. $54 c. $6 d. none of the above
Other things the same, what happens to the price level and the quantity of output when the short run aggregate supply curve shifts to the right?
Answer the following statement(s) true (T) or false (F)
1. You can increase your total satisfaction by buying goods with lower marginal utility at a higher price. 2. Sometimes when you buy additional units of one good and its marginal utility decreases, the marginal utility of the goods you did not buy increases. 3. If marginal utility is held constant, consumer equilibrium can be maintained even if the price of certain goods fall. 4. Behavioral economics draws on human psychology. 5. Behavioral economists assume consumers are always rational and informed.
What is shown by the budget line in a two-product (A and B) case? Describe what happens when there is a change in income or the price of a product
Please provide the best answer for the statement.