Other things being equal, how would the market for bicycles be affected by an increase in the availability and number of bicycle paths?
a. An increase in prices and a decrease in the quantity exchanged
b. An increase in prices and an increase in the quantity exchanged
c. A decrease in prices and a decrease in the quantity exchanged
d. A decrease in prices and an increase in the quantity exchanged
Ans: b. An increase in prices and an increase in the quantity exchanged
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No matter what the price of orange juice is , Jill spends $20 a week on orange juice. We can conclude that the absolute value of the price elasticity of demand for orange juice for Jill is
A) greater than 1. B) equal to 1. C) less than 1. D) equal to 0.
An example of an effective price ceiling would be the government setting the price of wheat at ________ per bushel when the market price is at $4.25 per bushel.
A. $3.75 B. $4.25 C. $7.75 D. $12.00
Refer to the graph below for a profit-maximizing monopolist. The firm will produce the quantity:
A. 0V
B. 0Y
C. 0T
D. 0X
From 2002 to 2014, long-term debt at four-year public institutions of higher education
A. doubled. B. increased four-fold. C. decreased by half. D. remained constant.