Which of the following changes will occur to the market for movie tickets when video streaming becomes less expensive and makes it easier to watch videos instantly?
A. The demand curve for movie tickets will shift out, causing the price to increase and the quantity to decrease.
B. The demand curve for movie tickets will shift out, causing the price to increase and the quantity to increase.
C. The demand curve for movie tickets will shift in, causing the price to decrease and the quantity to decrease.
D. The demand curve for movie tickets will shift in, causing the price to decrease and the quantity to increase.
Ans: C. The demand curve for movie tickets will shift in, causing the price to decrease and the quantity to decrease.
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Part-time workers for noneconomic reasons are people who
A) work less than 35 hours a week but would like to work more than 35 hours a week. B) work more than 35 hours a week but would like to work less than 35 hours a week. C) have lost their jobs within the last four weeks and are seeking another job. D) do not want to work full time. E) are discouraged workers.
If the expansion of output in an industry leads to unchanged resource prices, the industry is most likely to be
a. a decreasing cost industry. b. an increasing cost industry. c. a constant cost industry. d. an industry characterized by economies of scale.
Suppose money supply (M) = $3,960 billion, price level (P) = 1.1, and real GDP (Y) = $7,200 billion. Calculate the value of velocity using the equation of exchange.
A) 1.6 B) 1.8 C) 2.0 D) 2.2
The term market power refers to
A. A firm's ability to alter the market price or quantity of a good or service. B. A firm's ability to eliminate free riders. C. The government's ability to change market outcomes. D. The government's authority to tax businesses.