A new country has been established on the moon and created a currency called cheesybits. Which of the following represents demand for cheesybits?
A. Luna lives on the moon and wants to travel to visit relatives in Japan.
B. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon.
C. Moonrock corporation needs new mining equipment that it buys from a manufacturer in Russia.
D. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill.
Answer: D
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When the demand curve shifts rightward and the supply curve shifts leftward, then the equilibrium price ________ and the equilibrium quantity ________
A) rises; decreases B) falls; increases C) rises; probably changes but the direction of the change cannot be determined D) probably changes but the direction of the change cannot be determined; increases
In a Nash-Cournot equilibrium where firms produce identical products with unequal costs,
A) the firm with lower costs charges a higher price. B) the firm with higher costs charges a higher price. C) the firm with lower costs produces more. D) the firm with higher costs produces more.
Using the standard 45-degree line diagram, how does an increase in autonomous consumption effect the expenditure schedule?
a. It shifts the expenditure schedule downward. b. It shifts the expenditure schedule upward. c. It increases the slope of the expenditure schedule. d. It decreases the slope of the expenditure schedule.
Other things the same, an unexpected fall in the price level results in some firms having
a. lower than desired prices, which increases their sales. b. lower than desired prices, which depresses their sales. c. higher than desired prices, which increases their sales. d. higher than desired prices, which depresses their sales.