If you own a bond with a seven percent coupon rate and new bonds are paying five percent, what will happen to your bond's market price?

If the market for bottled spring water is characterized by a very elastic supply curve and a very inelastic demand curve, an outward shift in the supply curve would be reflected primarily in the form of

a. higher prices. b. higher output. c. lower prices. d. lower output.

Economic profit always equals

a. zero for a perfect competitor b. zero for a monopolist c. total revenue – total cost d. total revenue – explicit costs e. total revenue – implicit costs