Suppose that today, consumers expect the price of bottled water to double in the future. Then today the bottled water's
A. supply curve will shift to the right.
B. supply curve will shift to the left.
C. demand curve will shift to the right.
D. demand curve will shift to the left.
Answer: C
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Jessica is a young doctor who has just started her own practice. Her previous position paid her $80,000 a year. For office space, she uses a building which she owns and which she has rented in the past for $40,000 a year
Her total revenue from her new practice is $250,000. She pays $50,000 to other firms for materials and supplies, and she pays $40,000 in wages to her office nurse. Assume that Jessica's building and equipment do not depreciate and that her normal profit is $20,000. a) What is the opportunity cost of all factors of production employed by Jessica? b) What is Jessica's economic profit?
Why is the distinction between long run and short run less important in monopoly markets?
What will be an ideal response?
Most international trade takes place between countries that are far away from each other
Indicate whether the statement is true or false
High unemployment is undesirable because it
A) results in a loss of output. B) always increases inflation. C) always increases interest rates. D) reduces idle resources.