At the beginning of the fall semester, college towns experience large increases in their populations, causing a(n):
A. decrease in the quantity of apartments supplied.
B. increase in the demand for apartments.
C. increase in the supply of apartments.
D. decrease in the quantity of apartments demanded.
Answer: B
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If the government fiscal deficit equals $78 billion, government borrowing equals $38 million, and tax revenue equals $92 billion, what is the value of the change in the money supply?
a. $40 billion b. $132 billion c. $18 billion d. $208 billion e. $78 billion
Which of the following investments is part of a positional arms race?
A. Playing golf for fun B. Watching your friend train for a soccer game C. Studying hard for your economics exam because your professor grades on a curve D. Renting movies for the weekend
Say the supply of a product falls while the demand stays the same. This causes the free market ________
price to increase and equilibrium quantity to increase price to increase and equilibrium quantity to decrease price to decrease and equilibrium quantity to increase price to decrease and equilibrium quantity to decrease
At the profit-maximizing level of output for a perfectly competitive firm,
A) price equals marginal cost. B) average revenue equals average variable cost and price equals marginal cost. C) marginal revenue equals marginal cost and average total cost equals average fixed cost. D) price equals average revenue and marginal cost equals average variable cost.