A decrease in demand is represented by:
a. a shift outward of the entire demand curve.
b. a shift inward of the entire demand curve.
c. a movement along the demand curve in a southeasterly direction.
d. a movement along the demand curve in a northwesterly direction.
b
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Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
Profits can be maximized by equating MR = MC = Price
A) only in perfectly competitive markets. B) only in monopoly markets. C) only in discriminating monopoly markets. D) only with government price controls.
For economists, substitutes for laboratory experiments often come in the form of
a. natural experiments offered by history. b. untested theories. c. "rules of thumb" and other such conveniences. d. reliance upon the wisdom of elders in the economics profession.
Borrowing from another country that occurs when the country has a trade deficit and its citizens sell real and financial assets to foreigners is called a capital inflow
Indicate whether the statement is true or false