All else held constant, as additional firms enter an industry
Multiple Choice Quizzes with Answer in English (Page: 417)
Good X is an inferior good if a decrease in income leads to
Demand shifters do not include the
For a wood furniture manufacturer, an increase in the cost of lumber will cause the supply curve to:
Suppose the demand for good X is…..
Graphically, an increase in the number of vegetarians will cause the demand curve for Tofu (a meat substitute) to
Which of the following pairs of goods are probably complements?
Which of the following is probably not a normal good?
The law of demand indicates that as the price of a good increases, the quantity that
In a competitive market, the market demand is Qd = 70 – 3P and the market supply is Qs = 6P. A price ceiling of $4 will result in a
Jane pays the market price of $69 for….
When government imposes a price floor above the market price, the result will be that
The word ‘imbibe’ means –
The word ‘homogeneous’ means –
Producer surplus is measured as the area
If supply increases, then the
If demand increases, then the
The minimum wage
A floor price is
When an effective price ceiling is in place