The following graph shows the supply of movie downloads. If price changes from $0.50 to $2.00, what will be the change in the market quantity supplied?
A. 7 movie per week
B. 1 movie per week
C. 8 movie per week
D. 6 movie per week
Answer: D
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Changes in ________ do not affect the level of aggregate supply in the long run
A) the number of workers in the economy B) the price level C) the amount of accumulated capital equipment D) technology
An oligopolistic firm that is part of a collusive agreement is less likely to cheat
a. the more punishment it expects if the cheating is detected b. the lower is the possibility of detection c. the less likely is the collapse of the entire agreement as a result of cheating d. the greater is the additional profit from charging a lower price than the other firms e. the higher is the chance of taking customers away from competitors by charging a lower price
An increase or decrease in taxes will have a multiplier effect on equilibrium GDP on the demand side.
Answer the following statement true (T) or false (F)
Suppose that you could either prepare your own tax return in 15 hours, or hire a tax specialist to prepare it for you in 2 hours. You value your time at $11.00 an hour; the tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is:
A. $40 B. $55 C. $110 D. $165