If extraction technology continues to improve over time,
A) the price of crude oil can continue to fall or stay steady.
B) the price of crude oil will increase despite any attempts to stem demand.
C) the price of crude oil will only fall if sufficient government taxation is implemented.
D) the price of crude oil will only fall if sufficient demand declines are arranged.
A
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For two goods, X and Y, to be classified as substitutes, it must be the case that:
A. when the price of X rises, the demand for Y increases. B. X and Y are identical. C. when the price of X rises, the demand for Y decreases. D. consumers tend to purchase both items together.
Which of the following has been found to be most effective in improving the quality of education?
A. Forcing students to study longer at home B. Distributing textbooks C. Providing parents with information about the quality of the children's schools D. Training women in the community to offer supplemental lessons
The graph depicts a monopolistically competitive firm.
Refer to the above graph representing an individual firm. In the short run, this monopolistically competitive firm will set price at:
A. $50 and produce 35 units of output. B. $50 and produce 50 units of output. C. $65 and produce 35 units of output. D. $65 and produce 45 units of output.
In the short run, firms suffering losses should always shut down.
Answer the following statement true (T) or false (F)