(Advanced analysis) The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. If demand changes from P = 10 - .2Q to P = 7 - .3Q, the new equilibrium quantity is
What will be an ideal response?
10.
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When the U.S. dollar decreases in value relative to foreign currencies, the ________.
A. demand for U.S. exports will increase B. supply of U.S. exports will remain constant C. supply of U.S. exports will decrease D. demand for U.S. exports will decrease
As Sean's consumption of rice goes up, his
A) average utility from consuming rice increases. B) total utility from consuming rice increases. C) marginal utility from consuming rice increases. D) elasticity of utility from consuming rice increases.
The curve that shows quantities of total real output that will be offered for sale at various price levels is called the
a. aggregate demand curve. b. domestic investment curve. c. aggregate supply curve. d. yield curve.
Unlike a perfectly competitive firm, a monopolistically competitive firm
a. faces a perfectly inelastic demand curve. b. can earn positive economic profit in the short run and in the long run. c. cannot earn positive economic profit even in the short run. d. has a negatively sloped demand curve.