The regulation of natural monopolies is common in all of the industries except the:
A. tap water industry.
B. electricity industry.
C. natural gas industry.
D. oil and gas industry.
D. oil and gas industry.
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Hogrocket, which developed the Tiny Invaders game for the iPhone, found that to maintain sales in a profitable competitive market, the price of a product
A) will usually rise. B) will usually remain stable. C) will eventually fall to zero. D) will usually fall.
The only way that a society can produce outside the production possibilities curve is
A) through economic growth. B) by producing efficiently. C) by obeying the Law of Increasing Additional Cost. D) to use the concept of opportunity cost.
Assume the market is in equilibrium in the graph shown at demand D and supply S1. If the supply curve shifts to S2, and a new equilibrium is reached, which of the following is true?
A. Consumer surplus increases, but producer surplus decreases.
B. Consumer surplus decreases, but producer surplus increases.
C. Both consumer and producer surplus increase.
D. Both consumer and producer surplus decrease.
When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns declines. This situation describes:
a. the income elasticity of demand for hot dogs. b. the income elasticity of demand for hot dog buns. c. the price elasticity of supply for hot dogs. d. the negative cross-price elasticity of demand for hot dogs and hot dog buns. e. the positive cross-price elasticity of supply for hot dogs and hot dog buns.