Recall the Application. The decrease in price of illegal drugs could be caused by either a(n) ________ in demand or a(n) ________ in supply of the drugs
A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease
B
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The statement: "If everyone trades in the competitive marketplace, all mutually beneficial trades will be completed, and the resulting equilibrium allocation of resources will be economically efficient." is formally known as:
A) the law of supply and demand. B) the first theorem of supply and demand. C) the first theorem of welfare economics. D) the first theorem of efficiency in economics.
Sending people letters about their energy usage along with energy-saving tips is:
A. an example of a pricing nudge. B. not a nudge. C. an example of an advantageous default option nudge. D. an example of an information nudge.
Exhibit 7-13 Price and cost per unit curves
?
In Exhibit 7-13, the firm's short-run supply curve is the marginal cost curve above point
A. A. B. B. C. C. D. D.
The amount by which imports increase when income goes up by one dollar is called
A. the marginal propensity to import. B. the marginal propensity to consume. C. the spending multiplier. D. the money multiplier.