If Francis receives a decrease in his pay, we would expect ( ).
A. Francis’s demand for each good he purchases to remain unchanged.
B. Francis’s demand for normal goods to increase.
C. Francis’s demand for luxury goods to increase.
D. Francis’s demand for inferior goods to increase.
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Given this data, the equilibrium price and quantity of CD players are ( ). QUANTITY QUANTITYPRICE DEMANDED SUPPLIED (units per week) (units per week)$100 1,000 100$150 900 300$200 800 500$250 600 600$300 300 650
A. $150 and 300 players.
B. $200 and 800 players.
C. $250 and 600 players.
D. $300 and 650 players.
If the cross-price elasticity of demand for two goods is negative, these two good are ( ) ?
A. luxury goods.
B. necessities.
C. substitutes.
D. complements.
Consumer surplus is the area ( ).
A. above the supply curve and below the price.
B. below the supply curve and below the price.
C. below the demand curve and above the price.
D. below the demand curve and below the price.
The inefficiency of monopoly is caused by ( ).
A. deficient production of monopoly.
B. overproduction of monopoly.
C. monopolistic profit.
D. monopolistic loss.
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