Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we would expect that
A) price will decrease until quantity demanded equals quantity supplied.
B) supply will increase until quantity demanded equals quantity supplied.
C) demand will decrease until quantity demanded equals quantity supplied.
D) there will be no change in the price since the market is in equilibrium.
A
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If the elasticity for computers at the current price is at 6.4, what would happen to total revenues if a computer manufacturer doubled its price?
(A) They would go up slightly. (B) They would double. (C) They would remain the same. (D) They would go down drastically.
Which of the following is not included in GDP?
A) Unpaid maintenance of your house by your spouse. B) Services such as those provided by lawyers and dentists. C) The estimated rental (imputed) value of owner-occupied housing. D) Production by foreign citizens in the U.S.