An increase in demand will increase equilibrium price to a greater extent:
A. if the product is a normal good.
B. if the product is an inferior good.
C. the less elastic the supply curve.
D. the more elastic the supply curve.
Answer: C
Economics
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The marginal cost is the:
a. b and c. b. change in total cost as the quantity changes by one unit. c. change in total variable cost as the quantity changes by one unit. d. change in total fixed cost as the quantity changes by one unit. e. same as the fixed cost when average fixed cost is at a minimum.
Economics
When the money market is drawn with the value of money on the vertical axis, an increase in the money supply shifts the money supply curve to the
a. right, lowering the price level. b. right, raising the price level. c. left, raising the price level. d. left, lowering the price level.
Economics