Graphically, market demand for a product:
A. is the horizontal difference of the individual demand curves.
B. is the horizontal sum of the individual demand curves.
C. is the vertical difference of the individual demand curves.
D. is the vertical sum of the individual demand curves.
B. is the horizontal sum of the individual demand curves.
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Suppose the supply of textbooks is upward sloping and shifts leftward due to higher ink and paper costs. Which of the following events would leave the equilibrium price of textbooks at the same level observed before the supply shift?
A) Demand is perfectly elastic (horizontal). B) Demand is downward sloping and shifts leftward. C) all of the above D) none of the above
Between 1820 and 1860, cotton output per slave:
a. remained fairly stable. b. increased by about 10 percent. c. increased by fourfold or more. d. decreased slightly.
Refer to the table below for an oligopolist’s dilemma. Gillette and Schick are two companies competing in the same oligopoly market. The profit payoff for Gillette is shown in the upper corner of each box, and the profit payoff for Schick is shown in the lower corner of each box. If they do not cooperate the most likely price charged by each firm will be
a. $8 charged by both companies.
b. $6 charged by both companies.
c. $8 charged by Gillette and $6 charged by Schick.
d. $8 charged by Schick and $6 charged by Gillette .
Which of the following is an example of cyclical unemployment?
A. Marsha was laid off from her job with the airline because the recession reduced demand for airline travel. She expects to get her job back when the economy picks up. B. Jim had a job as an engineer, but quit when his wife was transferred to another state. He looked for a month before finding a new job that he liked. C. George is an unskilled worker who mows lawns in the summer, but is unemployed the rest of the year. D. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year.