A rise in demand for restaurant meals is likely to cause which of the following in the long run?
a. economic losses for each restaurant
b. a lower price for each restaurant meal
c. fewer restaurants in the industry
d. more restaurants in the industry
e. economic profit for restaurants
D
You might also like to view...
From the economist's point of view
A) wants and needs are exactly the same. B) a want is a lifesaving necessity. C) needs are objectively undefinable. D) we all have wants but only very poor people have needs.
Total government spending in the U.S. economy was around _____ of the GDP in the financial year 2010
a. 5 percent b. 36 percent c. 25 percent d. 44 percent e. 16 percent
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.
Suppose an American worker can make 100 chairs or catch 1000 fish per day. On the other hand, a Chilean worker can produce 40 chairs or catch 400 fish per day. The United States possesses a(n) ________ advantage in chair production, but not a(n) ________ advantage in fish production.
A. comparative; comparative B. absolute; comparative C. comparative; absolute D. absolute; absolute