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 shortage to exist and the market price of oranges to increase.
B. . a shortage to exist and the market price of oranges to decrease.
C. . a surplus to exist and the market price of oranges to increase.
D. . a surplus to exist and the market price of oranges to decrease.
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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.
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.
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