Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A) $200.
B) $275.
C) more than $275.
D) impossible to be determined given the information.
C
You might also like to view...
People who failed to look for a job are classified as
A. unemployed. B. underemployed. C. out of the labor force. D. part time employed.
Economies of scale exist when the long-run average-total-cost curve is positively sloped
a. True b. False Indicate whether the statement is true or false
The Bretton Woods System of exchange rates was established:
a. to solidify support for the then-existing gold standard. b. to peg the worldwide price of silver to the price of gold. c. in Europe before World War II to establish a flexible exchange rate regime. d. in the United States in 1944 to develop a gold exchange standard. e. by a mechanism that made gold the reserve currency of the system.
Assume the following demand and supply equation for a pesticide market:
Qd = 30,000 – 5000P Qs = 10,000P A. Calculate the perfectly competitive industry equilibrium price and output. B. Assume that the firms in this industry organized into a cartel. Calculate the industry output and price. C. Compare your answers for items a and b. Briefly describe the effect that organizing into a cartel had on price and output.