Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. Most OLED TVs sold in the United States are imported from Asia. If the United States government reduces the number of OLED TVs that can be imported into the United States, ceteris paribus, what would happen?
A. The price of OLED TVs and the price of streaming movies would increase.
B. The price of OLED TVs and the price of streaming movies would decrease.
C. The price of OLED TVs would decrease, and the price of streaming movies would increase.
D. The price of OLED TVs would increase, and the price of streaming movies would decrease.
Answer: D
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In what type of market is a cartel possible?
A) a market in which there are only a few firms and barriers to entry exist B) a market in which firms sell a homogeneous good C) a market in which firms sell a differentiated good D) a market in which there are many firms
A demand curve is a graph:
A. that visually displays the demand schedule. B. depicting various price-quantity combinations of a good for a seller. C. that shows the quantities demanded by consumers of a particular good or service at various incomes. D. that shows the quantities demanded by consumers of a particular good or service at one price.
The process of bringing together buyers and sellers in a market is called:
A. intermediation. B. supply and demand. C. the invisible hand. D. equilibrium.
Change in quantity of demand vs. Change in demand
What will be an ideal response?