Most of economic analysis assumes that most people act as if they are:
a. motivated by submerged emotional needs
b. driven by magnetic forces generated by planetary movements.
c. motivated primarily by concern for the well-being of others.
d. motivated by self-interest.
d
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
As the price elasticity of demand for an item increases, so does the firm's ability to mark up the price of the item above average cost
Indicate whether the statement is true or false