A short-run supply curve is
a. horizontal, summing individual supply curves
b. temporary, and disappears when price rises
c. downward sloping reaching the horizontal axis
d. upward sloping
e. vertical
D
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Consider a consumer with a choice set that emerges from an exogenous income I. Suppose that, as a result of changes in a consumer's economic circumstances, the budget line rotates outward, with the vertical intercept remaining unchanged but the horizontal intercept shifting to the right. How could this have happened if the price of the good on the horizontal axis did not change?
What will be an ideal response?
The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90.How many units of X and Y would be purchased?
A. 0 units of X, 0 units of Y. B. 20 units of X, 20 units of Y. C. 30 units of X, 30 units of Y. D. 10 units of X, 20 units of Y.
Which of the following nations has a total fertility rate that would suggest that its next generation will only be half the size of the current generation?
A. Hong Kong. B. Australia. C. Sweden. D. All of these nations.
The graphs below illustrate the market for a product on which an excise tax has been imposed by government. Refer to the below graph. The excise tax on this product as shown in the graph is ultimately paid:
A. 100 percent by consumers
B. 100 percent by producers
C. 75 percent by consumers and 25 percent by producers
D. 50 percent by consumers and 50 percent by producers