Which of the following would be most likely to cause an outward shift of the demand curve for electricity?
a. a decrease in the price of electricity
b. an increase in the price of air conditioners
c. an increase in the price of heating oil
d. a decrease in the price of natural gas
c
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If a firm shuts down, it
A) makes zero economic profit. B) incurs an economic loss equal to its total variable cost. C) incurs an economic loss equal to its total fixed cost. D) makes a normal profit. E) might make an economic profit, zero economic profit, or incur an economic loss.
An underground economy:
a. is a market where transaction occurs under the ground. b. is a market where the buyers and sellers make transactions without the government’s approval. c. is a market where the buyers and sellers make transactions with the government’s approval. d. is a market that is international in scope and fully authorized to conduct business.
In a situation where both firms in a two-firm, balanced oligopoly choose to avoid the worst case scenario
a. both firms will end up in the worst case b. both firms end up in a Nash equilibrium outcome c. only one firm will survive d. both firms end up charging different prices e. both firms end up with different profit margins
Which of the following would most likely have a price elasticity coefficient less than 1?
A. Coffee. B. Fresh fish. C. New cars. D. Televisions.