An increase in the quantity demanded means that:
A. given supply, the price of the product can be expected to decline.
B. the demand curve has shifted to the left.
C. price has declined and consumers therefore want to purchase more of the product.
D. the demand curve has shifted to the right.
Answer: C
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Markets can be missing if:
A. there is a lack of technology that would make the exchanges possible. B. there is a ban on the sale of a particular good. C. there is a lack of accurate information between potential buyers and sellers. D. All of these are true.
Refer to the graph shown. If the firm maximizes profit, the marginal cost of its product will be:
A. $6. B. $10. C. $8. D. $4.
Which statement is true?
A. Because they are the only seller in the industry, the monopolist does not have to lower their price to sell more output. B. Most firms in the United States are monopolies. C. Unlike the perfect competitor, the monopolist does not necessarily produce at that output where MC = MR. D. None of these statements are true.
If for some reason Americans desired to increase their purchases of foreign assets, then other things the same
a. both the real exchange rate and the quantity of dollars exchanged in the market for foreign-currency exchange would fall. b. both the real exchange rate and the quantity of dollars exchanged in the market for foreign-currency would rise. c. the real exchange rate would rise and the quantity of dollars exchanged in the market for foreign-currency would fall. d. the real exchange rate would fall and the quantity of dollars exchanged in the market for foreign-currency would rise.