Multiple Choice— Select the option that best completes the sentence or provides the answer to the question.
Given a shift to the left in the demand curve, which of the following identifies the short-run response and long-run response of supply relative to beginning supply?
Assume the demand curve for compact discs slopes downwards, and the supply curve slopes upwards. If the price of CD players decreases, then:
Which of the following will occur if a legal price floor is placed on a good below its free-market equilibrium?
In the long run, a shift in the supply curve to the right will result in:
During the 1990's, the price of VCR's fell by about 30%, and the quantity sold decreased by the same amount. The demand for VCR's must
In the short run, producers will respond to a decrease in demand most likely by:
Producer surplus is the
A marketing survey shows that gate receipts would increase if the price of tickets to a summer rock concert increased, even though the number of tickets sold would fall. What does this imply about the price elasticity of demand for concert tickets?
New legislation setting a price ceiling will most likely cause:
All of the following factors will cause a demand curve to shift EXCEPT changes in:
