Assume that both the demand curve and the supply curve for DVD players shift to the left but the supply curve shifts more than the demand curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease.
B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease.
C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase.
D) the equilibrium price of DVD players will increase; the equilibrium quantity will decrease.
Answer: D
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Which of the following is an explicit cost of migration?
A. Wages a worker gives up when they leave their home country B. Adapting to a new culture C. Paying application fees D. The stress of looking for a job in a new country
In 2006, the European Union tariff on imported bananas from Latin America was €176 a ton. Suppose 2
5 million tons of bananas were imported in 2006 but then the tariff decreased to €152 a ton in 2007 and as a result, 3 million tons were imported in 2007. What is the tariff revenue in 2007? A) €445,000,000 B) €528,000,000 C) €440,000,000 D) €375,000,000
During the first 6 months of 2008, the United States imported more than 1.6 billion pounds of coffee. Suppose the United States is considering placing trade restrictions on the importation of coffee
What would be a potential consequence of such a trade restriction? A) The U.S. price of coffee would increase. B) U.S. consumers would drink more coffee. C) The quantity of coffee imported into the United States would increase. D) U.S. consumer surplus from coffee would increase.
Exhibit 8-11 A firm's cost and marginal revenue curves
In Exhibit 8-11, the profit-maximizing output level at the price of $8 is:
A. 0. B. 7. C. 8. D. 10.