题目内容

If widgets are a Giffen good, which of the following describes the effect of a price decrease in widgets? Quantity demanded will most likely.

A. Increase in accordance with the law of demand.
B. Decrease because a lower price makes a Giffen good less desirable.
C. Decrease because the income effect will more than offset the substitution effect.

查看答案
更多问题

The demand function for coffee pots is given by 250-5P, and the supply function is given by 20P-50. At a price of 15, the market:

A. Has excess supply of 75.
B. Has excess demand of 75.
C. Is in equilibrium with quantity supplied and demanded equal to 75.

A monopolist will expand production until MR = MC and charge a price determined by the:

A. Demand curve.
B. Marginal cost curve.
C. Average total cost curve.

A change in the supply of bread is least likely to result from a change in:

A. Wages for bakers.
B. The price of bread.
C. The price of wheat.

In which market structure(s) can a firms supply function be described as its marginal cost curve above its average variable cost curve?

A. Oligopoly or monopoly.
B. Perfect competition only.
C. Perfect competition or monopolistic competition.

答案查题题库