A firm has an incentive to decrease supply now and increase supply in the future if it expects that
A) the price of its product will be lower in the future than it is today.
B) more firms will enter the market in the future.
C) the price of its product will be higher in the future than it is today.
D) the prices of inputs used to produce the product will rise in the future.
C
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Refer to Figure 4-4. What is the value of consumer surplus at the equilibrium price of $15?
A) $60 B) $120 C) $180 D) $240
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 Which of the turning points are troughs?
A. (C), (D), and (E) B. (B) and (D) C. (A), (B), and (C) D. (A), (C), and (E)