Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ?

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If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is ?

A. a normal good B. none of these answers C. an inferior good D. a substitute good...

An increase in demand for a product should ?

A. Increase equilibrium price and quantity B. Decrease equilibrium price and quantity C. Increase equilibrium price and decrease quantity D. Decrease equilibrium price and increase quantity...

A natural monopoly has a declining _______ over a large range of output?

A. long run marginal cost B. short run marginal cost C. long run average cost D. long run marginal cost...

The social costs of monopoly power arises because ?

A. marginal cost is set equal to marginal revenue B. price is less than marginal cost C. marginal consumer benefit is less than marginal revenue D. there is too little output at too high a cost...

The government is considering placing a tax on cigarettes to raise revenue to finance health-care benefits. The demand for cigarettes is price inelastic Which of the following statements is True ?

A. This tax will not raise much revenue either in the short term or the long term since demand is price inelastic B. The tax on cigarettes may not raise as much revenue as anticipated in the years to com because the demand for cigarettes is likely to become more elastic over time. C. This … The government is considering placing a tax on cigarettes to raise revenue to finance health-care benefits. The demand for cigarettes is price inelastic Which...