If the price of a good rises, supply will
A. increase.
B. decrease.
C. not change.
D. the answer depends upon the demand in the market.
Answer: C
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The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a ____
a. microeconomist. b. normative economist. c. macroeconomist. d. Ceteris paribus. e. social science economist.
When buyers are reluctant to buy, and sellers are reluctant to sell because both are discouraged by imperfect information, a(n) ______________ can result.
a. asymmetrical market b. thin market c. unbalanced market d. thick market
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were open to free trade, domestic consumers would consume how many units?
A. 115 B. 90 C. 60 D. 150
Assuming no externalities exist, if a good's price is more than its marginal cost, then the benefits consumers derive are ________ than the cost of resources needed to produce it and ________ should be produced.
A. greater; more B. less; more C. less; less D. greater; less