Suppose you observe that the price of a good increases and that the quantity of this good sold also increases. If only the demand curve or the supply curve shifts this suggests that
A) supply increased over time while demand remained the same.
B) supply decreased over time while demand remained the same.
C) demand increased over time while supply remained the same.
D) demand decreased over time while supply remained the same.
C
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If a local community has only one doctor, the monopoly power of the physician will
a. be small if entry barriers into the local market are high. b. depend on how many other physicians there are in the national market. c. be total since there are not any other providers of the same service in the local market. d. be minimal if the entry barriers restricting competition from other physicians are low.
A bank's reserves are
A) the minimum value of assets it must have. B) the amount of gold it is required to have as reserves against loans. C) the value of federal securities it is required to have as reserves against loans D) deposits that banks have accepted from customers but have not loaned out.
Identify examples of microeconomics and macroeconomics: How the government responded to the recent recession
Which of the following is NOT a likely market solution to the lemons problem?
A. product certification B. average cost pricing C. industry standard D. product warranty