Which of the following will definitely occur when there is an increase in the supply of and decrease in demand for MP3 players?
A. a decrease in equilibrium price
B. an increase in equilibrium price
C. an increase in equilibrium quantity
D. a decrease in equilibrium quantity
Answer: A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Speculators who expect a corn harvest next fall much larger than anyone now anticipates will
A) lower current corn prices and raise September prices above what they would be in the absence of the speculators. B) lower current corn prices and lower September prices below what they would be in the absence of the speculators. C) raise current corn prices and lower September prices below what they would be in the absence of the speculators. D) raise current corn prices and raise September prices above what they would be in the absence of the speculators. E) raise the expected September price of corn.
Wealth creating transactions are more likely to occur
a. With private property rights b. With contract enforcement c. Both a and b d. None of the above
The following figure shows the demand and cost curves facing a firm with market power in the short run.
The profit-maximizing level of output is
A. 60 units. B. 70 units C. 80 units D. 90 units. E. 100 units.