An increase in quantity demanded
a. illustrated by a movement downward and to the right along a demand curve.
b. illustrated by a movement upward and to the left along a demand curve.
c. shifts the demand curve to the left
d. shifts the demand curve to the right.
a
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Refer to the figure above. A one unit increase in labor supply will lead to ________ in output in Country X than in Country Y
A) a smaller increase B) a smaller decrease C) a larger decrease D) a larger increase
Retired individuals:
a. Are always harmed by inflation. b. Are almost always helped by inflation. c. Could be helped (or, at least, not hurt) by inflation if their assets rise in value. d. Are helped by inflation when it is unexpected. e. Are harmed by inflation when it is expected.
Which of the following is likely to have the highest price elasticity of demand?
A. Shoes B. Nike running shoes C. Running shoes D. The price elasticity of demand will be the same for all of the answers listed.
If a firm perceived that the other firm in an implicit pricing agreement dropped its price in response to a change in market conditions, then its most likely response would be to:
A. match the other firm's price. B. engage in a price war. C. raise price to punish the other firm. D. keep its price the same.