If freezing weather in Florida destroys a large portion of the current orange crop,
A) prices of Florida oranges will rise and quantity demanded will fall.
B) the supply of and the demand for Florida oranges will both fall.
C) the demand for Florida oranges will fall and prices will rise.
D) the supply of Florida oranges will decline but not the quantity demanded.
A
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At a price of $1 per table, the quantity supplied of tables is 100 units whereas the quantity demanded is 70 units. Given this information, which of the following statements is true?
A) $1 per table is the market clearing price. B) At $1 per table, there is a surplus in the market. C) At $1 per table, there is a shortage in the market. D) $1 per table is the equilibrium price.
The profit-maximizing price of the monopolist compared to the perfectly competitive industry in the above figure are, respectively
A) P1 and P3. B) P1 and P5. C) P1 and P2. D) P2 and P5.
Which of the following will NOT be true if the antitrust laws are successful?
A) Producers will earn zero economic profits in the long-run. B) Firms will not restrict output. C) Firms will produce the competitive output. D) Firms will produce the quantity at which marginal cost equals marginal revenue and charge a price that is greater than marginal cost.
In the case of a public good, a demand curve that shows the marginal benefit of the good is:
A. nonexistent. B. perfectly inelastic. C. the horizontal sum of individual demand curves. D. the vertical sum of individual demand curves.