The existence of a shortage
A.pushes the price up.
B.pushes the price down.
C.is impossible in a market economy.
D.means resources are being allocated efficiently.
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The Occupy Wall Street movement advocates
A.centrally planned socialism.
B.following the teachings of Adam Smith.
C.a shift away from market capitalism.
D.a shift towards more market capitalism.
Because of an increase in the price of leather, the price of a pair of women's dress shoes increased 12 percent. If the price elasticity of demand for women's dress shoes is 0.85, which of the following will happen?
A.The number of pairs of women's dress shoes demanded decreases by 10.2 percent.
B.Total expenditure on women's dress shoes decreases.
C.Total revenue from the sale of women's dress shoes decreases.
D.none of the above
The income elasticity of demand for restaurant meals is 1.61. So,
A.restaurant meals are an income elastic normal good.
B.Both answers B and C are correct.
C.if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent.
D.if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent.
Marginal cost is the
A.None of the above answers is correct.
B.extra benefit that people receive from producing one more unit of a good or service.
C.maximum amount consumers are willing to pay for one more unit of a good or service.
D.opportunity cost of producing one more unit of a good or service.
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