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.
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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.
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.
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