In the period from 1929 through 1933, there were successive ________ in aggregate demand and ________ in short-run aggregate supply
A) increases; decreases
B) decreases; increases
C) decreases; no change
D) increases; increases
B
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In the figure above, when the price falls from $5 to $4, the price elasticity of demand is
A) 2. B) 3. C) 0.75. D) 1.5. E) 0.33.
A monopolist has the demand and marginal cost schedules given in the above table. If the monopoly can perfectly price discriminate, what is the profit-maximizing level of output and price?
What will be an ideal response?
In the Hotelling model, what effect would an increase in the transportation cost t have on, in the first instance, a monopoly firm and, in the second instance, two firms located at the extremes of the line segment who compete over the marginal consumer?
a. The monopolist's profit would decrease but the duopolists' would increase. b. Both monopolist's and duopolists' profits would increase. c. Both monopolist's and duopolists' profits would decrease. d. The monopolist's profit would increase but the duopolists' would decrease.
If the short run elasticity of demand for widgets is 1.1 and the long run elasticity of demand for widgets is 3.6, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.