Assume that supply increases slightly and demand increases greatly. Which of the following will happen?
a. equilibrium price will fall and equilibrium quantity will rise
b. equilibrium price will rise and equilibrium quantity will fall
c. equilibrium price will rise and equilibrium quantity will rise
d. equilibrium price will fall and equilibrium quantity will fall
e. neither equilibrium price nor equilibrium quantity will change
C
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The figure above shows the market for annual influenza immunizations the United States. Area A is the
A) total deadweight loss when there is not the illustrated subsidy. B) remaining deadweight loss when there is the illustrated subsidy. C) gain in efficiency from the illustrated subsidy. D) loss in efficiency from the illustrated subsidy. E) consumer surplus with the illustrated subsidy.
Refer to Figure 29-2. Consider the market for U.S. Dollars against the British pound shown in the graph above. From this graph we can conclude that the dollar price of a British pound has ________ to ________ dollars per pound
A) decreased; 2.00 B) decreased; 0.46 C) increased; 0.50 D) increased; 2.17
it permits people to expand production and achieve rates of output that would otherwise be unattainable
What will be an ideal response?
Perfectly competitive industries are characterized by a homogeneous product.
Answer the following statement true (T) or false (F)