Category: Supply and Demand

A. Should increase output
B. Should reduce output
C. will require further information on how to respond
D. Should not change output

A. 550 units
B. 500 units
C. 450 units
D. 490 units

A. Shift demand for an inferior product outward
B. shift demand for an inferior product inward
C. shift supply for an inferior product outward
D. Shift supply for an inferior product inward

A. The responsiveness of quantity demanded to a change in price
B. How far a demand curve shifts
C. a change in price
D. a change in quantity demanded

A. Status
B. Prestige
C. Utility
D. Self-esteem

A. Total utility is zero
B. An additional unit of consumption will decrease total utility
C. An additional unit of consumption will increase total utility
D. Total utility is maximized

A. ratio of the change in price to the change in quantity demanded.
B. ratio of the percentage change in quantity demanded to the percentage change in price.
C. ratio of the change in quantity demanded to the change in price.
D. ratio of the percentage change in price to the percentage change in quantity demanded.

A. perfect substitutes
B. complements
C. unrelated goods.
D. substitutes.

A. Pepsi’s advertising is not as effective as in the past .
B. The price of Coca Cola has increased,
C. Pepsi consumers had an increase in income.
D. The price of Pepsi increased

A. Economic profit
B. Accounting profit
C. Normal profit
D. supernormal profit