Under perfect competition, price is determined by the intersection of the industry supply and demand curves
A. . in the short run.
B. . in the long run.
C. . always.
D. . never.
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Suppose oranges are currently selling for $2.00 per pound. The equilibrium price of oranges is $1.56 per pound. We would expect
A. a. a shortage to exist and the market price of oranges to increase.
B. b. a shortage to exist and the market price of oranges to decrease.
C. c. a surplus to exist and the market price of oranges to increase.
D. d. a surplus to exist and the market price of oranges to decrease.
Suppose the price of Coke increases. What would happen to the equilibrium price and quantity of Pepsi?
A. a. Both the equilibrium price and quantity of Pepsi would increase.
B. b. Both the equilibrium price and quantity of Pepsi would decrease.
C. c. The equilibrium price of Pepsi would increase, and the equilibrium quantity of Pepsi would decrease.
D. d. The equilibrium price of Pepsi would decrease, and the equilibrium quantity of Pepsi would increase.
11) Beth’s friends want to take her to a movie or a play for her birthday. Beth chooses to attend the play. We know that:
A. . Beth has made an irrational decision.
B. . not seeing the movie is Beth’s opportunity cost of attending the play.
C. . Beth did not make a decision at the margin.
D. . seeing the play did not cost Beth anything since she did not have to pay for the ticket.
10) If a 10 percent increase in price leads to a 12 percent decline in the quantity demanded, the price elasticity of demand is
A. . 0.83
B. . 1.2
C. . 2
D. . 2.2
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