Milk can be used to make yogurt and cheese, other things equal, if consumption starts demanding more yogurt
a. Supply of milk will decrease.
b. Demand of milk will increase.
c. Answer was NONE are
c. Answer was NONE are
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Suppose the dollar depreciates from 89 Japanese yen to 79 Japanese yen. One would expect
a. U.S. imports to increase b. U.S. exports to increase. c. Japanese exports to increase. d. Japanese net exports to increase.
When the price elasticity of demand is small in magnitude, a _____ increase in the price leads to a _____ reduction in the amount purchased and the demand curve is relatively ____.
A. slight; substantial; steep B. slight; slight; flat C. large; slight; steep D. slight; substantial; flat
If over a period of time real gross domestic product (GDP) increases while nominal GDP decreases, then this implies
a. a significant rise in the price level. b. a significant drop in the price level. c. that real GDP is higher than nominal GDP. d. that the given period occurs before the base period. e. that the given period year occurs after the base period.
In the long run, a monopolistic competitor will produce to the point at which
A. at the lowest possible price. B. average total costs are at the minimum of possible ATC. C. average total costs are higher than the minimum of possible ATC. D. resources are used at the lowest possible cost.