A shift is demand will have more effect on price than quantity if ? A. The price elasticity of supply is price inelastic B. The price elasticity of supply is price elastic C. The price elasticity of supply is perfectly…
Which best describes consumer surplus ? A. The price consumers are willing to pray for a unit B. The cost of providing a unit C. The profits made by a firmD. The difference the price a consumer pays for an…
A movement along the supply curve may be caused by ? A. A change in technology B. A change in the number of producersC. A shift in demand D. A change in costs
A movement along the demand curve may be caused by ? A. A change in income B. A change in the number of buyers C. A change in advertisingD. A shift in supply
Assuming a downward slog demand curve and upward slog supply curve a higher equilibrium price may be caused by ? A. An fall in demand B. An increase in supply C. improvements in production technologyD. An increase in demand
A reduction in the costs of production will ? A. Lead to a movement along the supply curve B. Shift the demand curveC. Shift the supply curve D. Lead to an extension of supply
If demand increase in a market this will usually lead to ? A. A higher equilibrium price and output B. A lower equilibrium price and higher output C. A lower equilibrium price and output D. A higher equilibrium price and…
Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today ? A. The impact…
Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice, What would we expect to happen to the equilibrium price and quantity in the market for orange juice ?…
Suppose there is an increase in the both the supply and demand for personal computers Further, suppose the supply of personal computer increase more than demand for personal computers In the market for personal computers i the market for personal…