When both supply and demand increase
A. . equilibrium price rises, and so does equilibrium quantity.
B. . equilibrium price falls, but equilibrium quantity rises.
C. . equilibrium quantity rises.
D. . it is impossible to speculate about the results for equilibrium price or equilibrium quantity.
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For an inferior good, the demand curve
A. . must have a negative slope.
B. . is likely to be horizontal.
C. . must have a positive slope.
D. . may have a positive slope.
Suppose that the government imposes a business licence fee of $100 on all firms. Profit-maximizing firms that stay in business will respond to this tax by
A. . raising prices to pay the tax.
B. . cutting output to reduce costs.
C. . lowering prices to stimulate sales.
D. . doing nothing.
Following an increase in income,
A. . a consumer’s indifference curve will shift.
B. . the slope of the budget line will increase.
C. . individual demand curve will not shift.
D. . the budget line will shift in a parallel fashion.
An increase in a monopolist’s average cost will lead to
A. . an increase in price, as the monopolist passes on the price increase.
B. . an increase in price only if marginal cost also increases.
C. . a decrease in price as the monopolist needs to sell more in order to cover increased costs.
D. . an increase in price only if the elasticity of demand is less than 1.0.
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