When income increases, purchases of houses increase. This means
A. . the demand curve for housing has shifted rightward.
B. . there has been a movement down the demand curve for housing.
C. . the demand curve for housing has shifted leftward.
D. . there has been a movement up the demand curve for housing.
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Which of the following is a characteristic of perfect competition?
A. . A single seller.
B. . A small number of buyers.
C. . Buyers and sellers are price setters.
D. . Buyers and sellers are price takers.
Assume that Frank has a demand curve for steaks given by Q = 10 – 0.4P, where Q and P stand for the quantity of steaks and the dollar price of steaks. If the price of steak is $5, Frank’s consumer surplus is
A. . $40.
B. . $80.
C. . $120.
D. . $160.
To a monopolist, his supply curve
A. . slopes upward.
B. . is identical to his marginal cost curve.
C. . is identical to his marginal revenue curve.
D. . does not exist.
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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