When the demand curve shifts to the right and supply doesn't change:
A. equilibrium quantity will rise.
B. quantity demanded will rise.
C. supply will rise.
D. equilibrium price will fall.
Answer: A
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The above table gives techniques that Fatz confectionery can use to produce 2,000 pounds of candy
If the cost of capital is $20 per unit and the cost of labor is $40 per unit, the economically efficient technique for producing 2000 pounds of candy is A) A. B) B. C) C. D) D.
The relationship between the market system and private property is
a. as the market system expands, private property declines in that society. b. private property rights interfere with the operation of the market system. c. the market system functions best when the rights of private property are protected. d. None of these.
All else equal, in which oligopolistic market below would one expect the markup to be the smallest?
A. An oligopolistic market with inelastic demand and a very few firms B. An oligopolistic market with elastic demand and a very few firms C. An oligopolistic market with inelastic demand and a greater number of firms D. An oligopolistic market with elastic demand and a greater number of firms
In an unregulated, competitive market consumer surplus exists because some
A) sellers are willing to take a lower price than the equilibrium price. B) consumers are willing to pay more than the equilibrium price. C) sellers will only sell at prices above equilibrium price (or actual price). D) consumers are willing to make purchases only if the price is below the actual price.