Becky received a raise at work. She now substitutes Kraft Macaroni and Cheese for generic macaroni and cheese. Kraft Macaroni and Cheese is an example of:
a. Inferior Good
b. Market Good
c. Normal Good
d. Brand Good
c
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The market value of downtown real estate is most basically determined by the
A) assessment of the taxing authorities. B) market value of the building already on a particular plot of land. C) use to which it is currently being put. D) uses to which people would like to put it if given a chance. E) whatever it costs to convert the land to its next best use.
If the money supply grows at 5% and real GDP grows at 6%, the quantity theory predicts the inflation rate will be
A) -1%. B) 1%. C) 1.2%. D) 11%.
Use the following graph for a perfectly competitive firm to answer the next question.
The firm's short-run supply curve is
A. the "cd" segment and above on the MC curve. B. the "abcd" segment and above on the MC curve. C. not shown. D. the "bcd" segment and above on the MC curve.
If antitrust legislation is successful, then the monopolistic firm will
A) decrease output and charge a lower price than before. B) increase output and charge a higher price than before. C) increase output and charge a lower price than before. D) decrease output and charge a higher price than before.