An expected increase in the market price of oil in the coming year is likely to:
A) shift the supply curve of oil to the right in the current year.
B) shift the demand curve for oil to the left in the current year.
C) cause no changes in the demand and supply curves of oil in the current year.
D) shift the supply curve of oil to the left in the current year.
D
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Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,
A) at least in the short run, some firms will increase their output. B) at least in the short run, the price will increase initially. C) new firms will enter the market. D) All of the above answers are correct.
The severity of the 2007-2009 recession was due to the severity of the accompanying financial crisis. Explain what is meant by financial crisis
What will be an ideal response?
When calculating a firm's profit, an economist will subtract only
a. explicit costs from total revenue because these are the only costs that can be measured explicitly. b. implicit costs from total revenue because these include both the costs that can be directly measured as well as the costs that can be indirectly measured. c. the opportunity costs from total revenue because these include both the implicit and explicit costs of the firm. d. the marginal cost because the cost of the next unit is the only relevant cost.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90