We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has increased. Which of the following events could be responsible for this?
A) Technological advances in digital camera production.
B) Consumers' preferences changed in favor of digital cameras.
C) The price of film cameras rose.
D) Workers who make digital cameras received a pay raise.
A
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From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the
A. marginal cost of waiting is less than the marginal benefit of being served. B. management is making an assumption that other things are equal. C. marginal cost of waiting is greater than the marginal benefit of being served. D. management is exhibiting irrational behavior by not maximizing profits.
Which of the following situations leads to an unplanned increase in inventories of $2.0 trillion?
A) real GDP = $5.0 trillion and aggregate planned expenditures = $5.0 trillion B) real GDP = $6.0 trillion and aggregate planned expenditures = $4.0 trillion C) real GDP = $8.0 trillion and aggregate planned expenditures = $5.0 trillion D) real GDP = $5.0 trillion and aggregate planned expenditures = $7.0 trillion E) More information is needed about planned investment and actual investment.
Competing broadcasting networks are motivated to choose socially optimal programs
Indicate whether the statement is true or false
For a monopolist, at the profit-maximizing level of output price is:
A. equal to marginal revenue. B. equal to marginal cost. C. chosen according to demand. D. constant.