What is the quantity of coffee supplied and the quantity of coffee demanded at the equilibrium price?
a. 3,000 pounds supplied; 3,000 pounds demanded
b. 5,000 pounds supplied; 5,000 pounds demanded
c. 5,000 pounds supplied; 7,000 pounds demanded
d. 3,000 pounds supplied; 7,000 pounds demanded
b. 5,000 pounds supplied; 5,000 pounds demanded
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If the income effect is larger than the substitution effect, then a wage hike will be accompanied by an increase in the quantity of labor supplied
Indicate whether the statement is true or false
At any given airport, the airlines hold long-term leases for passenger loading gates. New gates cannot be added without approval of the airlines. Frequent flier programs are also common in the industry. It is, therefore, more difficult for a new airline to enter a given airport (market). Such factors: (i) are called barriers to entry. (ii) tend to decrease the contestability of the air travel
market. a. i and ii b. i not ii c. ii not i d. neither i nor ii
An increase in the overall level of prices in an economy is referred to as
a. the income effect. b. inflation. c. deflation. d. the substitution effect.
The commercial value of ivory is a threat to the elephant, but the commercial value of beef is a guardian of the cow. This is because
a. the cow is raised in developed countries, while the elephant lives primarily in less-developed countries. b. cows are private goods, while elephants tend to roam freely without owners. c. cows and elephants are public goods, but ivory is nonrival. d. ivory is nonrival and nonexclusive, but beef is rival and exclusive.