Which of the following reduces the demand of sweatshirts ? ( )
A hurricane in South Carolina damages the cotton crop.
B. The price of leather jackets falls.
C. All colleges require morning exercise in appropriate attire.
D. New knitting machines are invented.
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The price of coffee rose sharply last month, while the quantity sold remained the same. Each of five people suggests an explanation: Tom: Demand increased, but supply was perfectly inelastic. Dick: Demand increased, but it was perfectly inelastic. Harry: Demand increased, but supply decreased at the same time. Larry: Supply decreased, but demand was unit elastic. Mary: Supply decreased, but demand was perfectly inelastic. Who could possibly be right? ( )
A. Tom, Dick, and Harry
B. Tom, Dick, and Mary
C. Tom, Harry, and Mary
Dick, Harry, and Larry
E. Dick, Harry, and Mary
The demand for which of the following may be more elastic? ( )
A. Eggs
B. Healthcare
C. Rice
D. Mountain Dew
If the government places a $500 tax on luxury cars, which of the following is true ( )
A. the price paid by consumers will rise by more than $500 as a luxury car likely has an elastic demand
B. the price paid by consumers will rise by less than $500 as a luxury car likely has an elastic demand
C. the price paid by consumers will rise by exactly $500 as a luxury car likely has an perfectly elastic demand
D. the price paid by consumers will rise by exactly $500 as a luxury car likely has an perfectly inelastic supply
If a profit-maximizing, competitive firm is producing a quantity at which marginal cost is below the average variable cost, it will ( )
A. keep producing in the short run but exit the market in the long run
B. shut down in the short run but return to production in the long run.
C. shut down in the short run and exit the market in the long run.
D. keep producing both in the short run and in the long run.
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