A) seeking to profit from society's needs rather than following the guidance of the invisible hand, which would have led them to seek jobs serving society rather than jobs with higher pay.
B) following the guidance of the invisible hand and probably serving society's best interests as well as their own.
C) causing oil prices to rise even more by moving to jobs with higher salaries.
D) helping themselves but hurting the economy.
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a.substitutes
b.The lower airf...View Answer
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b.The lower airf...
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A) Equilibrium price will rise, fall, or stay the same while equilibrium quantity will decrease.
B) Equilibrium price will rise, fall, or stay the same while equilibrium quantity will increase
C) Equilibrium quantity will rise, fall, or stay the same and equilibrium price will increase.
D) Equilibrium quantity will rise, fall, or stay the same while equilibrium price will decrease.
E) The change in equilibrium price and quantity cannot be determined.
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A) A
B) B
C) C
D) D
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A) above the supply curve and below the demand curve.
B) below the demand curve and above the market price.
C) that represents the gains that producers receive when they sell a product.
D) that reflect the opportunity cost of producing the a good.
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A) a decrease in demand and a decrease in supply
B) a decrease in demand and a decrease in quantity supplied
C) a decrease in quantity demanded and a decrease in quantity supplied
D) a decrease in quantity demanded and a decrease in supply
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A) Jane pays $30 a month for phone service even though it is worth $70 to her.
B) Sam refuses to pay $10 for a haircut because it is only worth $8 to him.
C) Fred buys a car for $4,000, the maximum amount that he would be willing to pay for it.
D) When Sue purchases a candy bar for $.50, she uses a $20 bill to pay for it.
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A) self-interested individuals try to charge more for a good than consumers are willing to pay.
B) demand increases while the supply of roses remains relatively constant.
C) the supply curve of roses is highly elastic.
D) the demand for roses is relatively inelastic most of the year, but becomes more elastic as demand increases.
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His statement clearly conflicts with the...View Answer
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A) a decrease in the supply of plywood caused the price of plywood to rise.
B) an increase in the supply of plywood caused the price of plywood to rise.
C) a decrease in the demand for plywood caused the price of plywood to rise.
D) an increase in the demand for plywood caused the price of plywood to rise.
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A) BCE
B) ACF
C) ABED
D) DEF
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A) Wise central planning by government is necessary for the efficient use of resources.
B) In a democratic setting, majority rule will result in the efficient use of resources.
C) In a market setting, when individuals pursue their own interests, they simultaneously tend to promote the public interest.
D) In a market setting, when individuals pursue their own interests, they tend to engage in activities that lower the overall economic welfare of society.
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A) bring the self-interest of individuals into harmony with the efficient allocation of resources, even though centralized planning of economic activities is absent.
B) bring the self-interest of individuals into harmony with the efficient allocation of resources when the behavior of individuals is directed by democratic centralized planning.
C) require central direction; otherwise, the actions of self-interested individuals will conflict with the general interests of society.
D) promote the economic welfare of self-interested producers at the expense of unorganized groups such as consumers and taxpayers.
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A) At P₃, consumer surplus and producer surplus are equal.
B) At P₂, consumer surplus is greater than producer surplus.
C) At P₁, consumer surplus is greater than producer surplus.
D) At P₁, consumer surplus and producer surplus are equal.
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A) well-regulated supply and demand
B) the availability of low cost resources and high tariffs on foreign imports
C) competitive markets and well-defined and enforced private property rights
D) Government establishment of the invisible hand principle and the inelasticity of certain goods.
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Higher peanut prices will shift the supp...View Answer
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A) A.
B) A + C.
C) A + B + C.
D) D + E.
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A) the quantity demanded to decrease and the quantity supplied to increase until they are equal.
B) the quantity demanded to increase and the quantity supplied to decrease until they are equal.
C) both quantity demanded and quantity supplied to decrease until they are equal.
D) both quantity demanded and quantity supplied to increase until they are equal.
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A) Market prices communicate information to buyers and sellers.
B) Market prices coordinate the decisions of buyers and sellers.
C) Market prices motivate entrepreneurs to produce those products that are currently most desired relative to their costs of production.
D) All of the above are functions performed by market prices.
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A) r.
B) s.
C) t.
D) u.
E) Other things constant, a decrease in the price of crude oil, an important ingredient used to produce gasoline, would likely move the equilibrium in this market toward point
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