If, as a result of a change in demand in a perfectly competitive increasing-cost industry, price and quantity rise, demand must have risen
a. True
b. False
A
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Some economists criticize the Lorenz curve because it
A) includes too many things in measuring income, such as food stamps, housing aid, and other government programs. B) does not account for the effect of age on a family's income. C) measures unreported income earned in the underground economy. D) uses after-tax income when pre-tax income is more appropriate.
A lawn mower costs $500 in the US and 8188 Mexican Pesos in Mexico. The current exchange rate is 1USD=12.97MXN. At this rate,
a. The good costs more in the US b. The good costs more in Mexico c. The good costs the same across the two countries d. None of the above
When aid is in the form of free or remarkably reduced priced goods, it is known as:
A. goods in-kind donations. B. freebies. C. direct donations. D. consumable donations.
If tastes for foreign goods and services go up, then we would expect imports to:
A. decrease. B. increase and then sharply decrease more. C. remain constant. D. increase.