The residual supply curve is the ________ the market ________ that is ________ by other demanders at any given price
A) supply; consumes; also consumed.
B) quantity; supplies; consumed.
C) quantity; supplies; not consumed.
D) quantity; demands; consumed.
C
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Suppose a successful advertising campaign increases the demand for Nike shoes. Which would tend to occur?
A) The demand curve for Nikes would shift to the right. B) The quantity supplied of Nikes would increase. C) The price of Nikes would rise. D) All of the above.
Luxury goods have income elasticity:
A) of less than zero. B) between zero and one. C) equal to one. D) greater than one.
The following table displays the marks obtained by three students on an economics test
Student Marks Obtained (out of 100) Mary 78 Charles 83 Tony 65 a) Calculate the mean marks obtained by the three students. b) Suppose one of the scores was reported incorrectly. Charles scored 38 instead of 83. How will the mean change if the correction is incorporated? c) How does the amount of data used affect the accuracy of a model?
Learning by doing, which leads to lower costs in the long run, is often
A) increased when new machinery is brought into the production process. B) a function of cumulative output, that is producing more of the good or service. C) improved through better use of computers in the production process. D) not very important to most firms.