A shift in supply is defined as a change in
A. The supply curve because of a change in a determinant of supply.
B. Quantity supplied because of a change in price.
C. Price.
D. Equilibrium quantity.
Answer: A
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Kedran is indifferent between option A, which gives her $10,000 for sure, and option B, which gives her $5,000 with probability 0.4 or $15,000 with probability 0.6. Kedran's cost of risk for option B is
A) zero. B) $1,000. C) $5,000. D) $10,000.
Answer the following questions true (T) or false (F)
1. If the demand for a product decreases and the supply of the product does not change, equilibrium price and equilibrium quantity will both increase. 2. If the demand curve for a product shifts to the right and the supply curve for the product shifts to the left, equilibrium price and equilibrium quantity will both increase. 3. A monopoly is defined as a firm that has the largest market share in an industry.