Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in demand and an increase in quantity supplied are represented by a movement from:

A. point b to point a.
B. point c to point d.
C. point d to point a.
D. point b to point d.

Answer: C

Economics

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Which event is most likely to increase the elasticity of demand for a good?

A) A decrease in the demand for the good B) A decrease in the price of the good C) An increase in the demand for the good D) Higher incomes for consumers of the good E) The appearance on the market of excellent substitutes for the good

Economics

Automated teller machines

A) are more costly to use than human tellers, so banks discourage their use by charging more for use of ATMs. B) cost about the same to use as human tellers in banks, so banks discourage their use by charging more for use of ATMs. C) cost less than human tellers, so banks may encourage their use by charging less for using ATMs. D) cost nothing to use, so banks provide their services free of charge.

Economics