Holding everything else constant, an increase in the price of MP3 players will result in
A) a decrease in the quantity of MP3 players supplied.
B) a decrease in the demand for MP3 players.
C) an increase in the supply of MP3 players.
D) a decrease in the quantity of MP3 players demanded.
Answer: D
You might also like to view...
Let C = 70 + 0.75y and I = 40. Assume no government or foreign sectors. Investment needs to increase by ________ to increase equilibrium output by a total of $600
A) $30 B) $150 C) $560 D) $600
The owner of a scenic waterfall is trying to decide whether to rent the site to a manufacturing firm as an industrial power source or to rent it to a recreational association, which would turn the site into a park and campground
Which of the following statements is true? A) An increase in the price of fossil fuels will increase the cost of renting it to the recreation association. B) Social welfare is maximized when the owner rents to the higher bidder. C) The cost to the owner of renting to one or the other depends entirely upon the owner's preferences between economic growth and recreational facilities. D) The owner can choose without regard to cost because the site is a free natural resource. E) The owner can choose without regard to cost insofar as the waterfall is privately owned.