ALL of the following describe economic conditions during the Great Depression in the United States EXCEPT:
A. a sharp decline in stock prices.
B. high rates of inflation.
C. low levels of production.
D. high rates of unemployment.
Answer: B
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After long hair for men became popular, barbers found that their incomes fell. In an attempt to boost their incomes, many barbers raised the price of a haircut and yet their total revenue fell even more. What can explain this result?
A) The demand for haircuts by barbers is elastic because of many substitutes. B) The demand for haircuts by barbers became inelastic after the increase in price. C) Haircuts are inferior products. D) The demand for haircuts by barbers is inelastic because most people need haircuts. E) None of the above can explain the phenomenon.
Figure 17-9
Refer to . Without trade, the equilibrium price of carnations is
a.
$8 and the equilibrium quantity is 300.
b.
$6 and the equilibrium quantity is 200.
c.
$6 and the equilibrium quantity is 400.
d.
$4 and the equilibrium quantity is 500.