If consumer incomes go up and cars are a normal good, the effect on the demand for cars ceteris paribus, will be a(n):
a. upward movement along the demand curve for cars.
b. downward movement along the demand curve for cars.
c. rightward shift in the demand curve for cars.
d. leftward shift in the demand curve for cars.
c
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The Classical model
a. is now discredited b. was developed by John Maynard Keynes c. has been completely displaced by the short-run macro model d. helps us to understand the performance of the economy in the long run e. is most useful in helping us to predict when an economic downturn will occur
In which of the following ways is a monopolistically competitive firm like a perfectly competitive firm?
A. Short-run economic profits are always positive. B. Long-run economic profits are negative. C. Long-run economic profits are positive. D. Long-run economic profits are equal to zero.
In the above figure, if this natural monopolist were regulated and allowed to earn a "fair" rate of return, it would sell the product at the price
A. C. B. F. C. A. D. B.
A farmer producing bushels of soybeans in the perfectly competitive soybean industry is currently maximizing profits. If the market price of soybeans increases and the farmer adjusts output to the new price, he will produce ________ soybeans and make ________ profit.
A. the same bushels of; the same B. fewer; the same C. more; more D. fewer; less