QuizMaster

A. the equilibrium quantity to rise and the equilibrium price to rise
B. the equilibrium quantity to rise and the equilibrium price to fall
C. the equilibrium quantity to rise and the equilibrium price to remain constant
D. the change in the equilibrium quantity to be ambiguous and the equilibrium price to rise
E. the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.

A. an increase in the equilibrium price and quantity
B. none of these answers
C. an increase in the equilibrium price and a decrease in the equilibrium quantity
D. a decrease in the equilibrium quantity.
E. a decrease in the equilibrium price and quantity.

A. there is a shortage and the price will rise
B. the quantity demanded is equal to the quantity supplied and the price remains unchanged
C. there is a shortage and the price will fall
D. there is a surplus and the price will rise

A. an advance in the technology used to manufacture watches
B. an increase in the price of watches
C. All of these answers cause an increase in the supply of watches
D. a decrease in the wage of workers employed to manufacture watches

A. many buyers and sellers
B. none of these answers
C. firms that are price takers
D. only one seller

A. none of these answers
B. increases the quantity supplied of that good
C. increase the supply of that good
D. decrease the demand for the good
E. decrease the quantity demanded for that good

A. Complements
B. inferior goods
C. normal goods
D. none of these answers
E. Substitutes

A. increasing average cost curve, marginal cost lies above average cost
B. increasing average cost curve, marginal cost lies below average cost
C. decreasing average cost curve marginal cost lies above average cost
D. decreasing average cost curve, marginal cost lies below average cost

A. vertical merger
B. horizontal merger
C. conglomerate merger
D. hostile takeover

A. marginal cost is set equal to marginal revenue
B. price is less than marginal cost
C. marginal consumer benefit is less than marginal revenue
D. there is too little output at too high a cost