The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?
a) The demand curve for movie tickets will move right
b) The quantity demanded of movie tickets will increase
c) The demand curve for movie tickets will move left
d) The quantity demanded of movie tickets will decreade
Ans: d) The quantity demanded of movie tickets will decreade
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Using the above figure, suppose that roses are a normal good. If there is an increase in income
A) the equilibrium price will rise above $25 per dozen roses. B) the equilibrium quantity will decrease below 10 dozen roses. C) we cannot predict what will happen to the equilibrium price. D) we cannot predict what will happen to the equilibrium quantity.
Which one of the following industries is best classified as an oligopoly?
A) textbook publishers B) retailing C) wheat farms in the United States D) fast food restaurants