If the price of a good increases, the quantity supplied will
A. increase.
B. decrease.
C. not change.
D. quantity supplied is unchanged, but the supply will increase.
Answer: A
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Table 7-5 Stereos produced 0 1 2 3 4 5 6 Total cost (in $) 200 325 410 475 550 660 825 Table 7-5 shows short-run total cost figures for a stereo manufacturer. The manufacturer’s short-run fixed cost is
A. 0. B. $75. C. $200. D. $400.
Which of the following is not a characteristic of a bond?
a. its tax treatment b. its credit risk c. its term d. its dividend yield
The expression "There's no such thing as a free lunch" means
A) each person must pay for exactly what he or she receives. B) when scarce resources are used to produce one good they are unavailable to produce others. C) you cannot have a free lunch at the expense of someone else. D) if one person gains, someone else must lose.
Suppose that Victoria and her friends are running a fundraiser by selling donuts. They want to know what will happen to their revenue if they increase the price of each donut from $0.80 to $1. What concept do they need to apply to find out their expected revenue?
A. price elasticity of supply B. price elasticity of demand C. cross elasticity of demand D. income elasticity of demand