If 80,000 people want tickets to the World Series at the current price, and there are only 55,000 tickets available,
A) the cost of obtaining a ticket for someone who doesn't yet have one will be greater than the price stamped on its face.
B) the demand for tickets is highly elastic.
C) the price is too low.
D) the quantity purchased will be greater than the quantity supplied.
A
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Purchasing power parity does NOT provide accurate predictions of exchange rates because
A) almost all goods and services are traded across nations. B) governments currently fix exchange rates. C) firms are unable to set prices differently across nations. D) non-traded goods account for approximately 50 percent of the value of production in an economy.
Assume there is a simultaneous decrease in the cost of batteries used in hybrid cars and a shift in consumer preferences toward more fuel-efficient vehicles
Based on this, we can conclude, with certainty, that in the market for hybrid cars, equilibrium: A) price will decrease. B) price will increase. C) quantity will decrease. D) quantity will increase.