Suppose that the quantity of staplers demanded falls from 10,000 per week to 8500 . Use the midpoint formula to calculate the percentage change in quantity demanded
What will be an ideal response?
% change in quantity demanded = [8,500 -10,000]/[(8,500 + 10,000)/2] = [-1500]/[(18,500/2]= [-1500]/[9,250] = -16.2
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According to the graph shown, if the government decides to increase taxes, it is most likely at equilibrium:
A. A
B. B
C. C
D. D
Lunch in Jamie's dorm is an all-you-can-eat buffet, served from 11 a.m. until 1 p.m. By noon, the buffet is picked over, and by 12:30, there are very few popular items left. The garbage bins, though, are full of food. The buffet in Jamie's dorm is an example of:
A. the tragedy of the commons. B. an efficient subsidy. C. excess supply in the market. D. a good with positive externalities.
If the Japanese economy is currently suffering from a recession, we should expect U.S. exports to Japan to
A. decrease. B. increase. C. remain the same. D. increase only if the Japanese Yen depreciates.
An unregulated monopolist will likely:
A. charge a price below MR and above MC. B. charge a price equal to MR. C. charge a price above MC. D. charge a price below MR.