In which of the following statements are the terms "demand" and "quantity demanded" used correctly?
A. When the price of ice cream rose, the demand for ice cream fell and the quantity demanded of ice cream toppings fell.
B. When the price of ice cream rose, the quantity demanded of ice cream fell and the demand for ice cream toppings fell.
C. When the price of ice cream rose, the demand for both ice cream and ice cream toppings fell.
D. None of these statements uses the terms correctly.
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
What will happen to the equilibrium price and quantity of cars if there is an increase in the price of gasoline?
What will be an ideal response?
The term "balance of payments" refers to a nation's:
a. goods exports minus imports. b. record of all international transactions. c. capital inflows minus outflows. d. official reserves inflows minus outflows.
In the figure at? right, the area of rectangle ABHG represents the? monopolist's
A. maximized total revenue.
B. average total profits
C. total costs
D. maximized economic profits