Suppose we observe that both the equilibrium price of digital cameras and the equilibrium quantity of digital cameras have increased. Which of the following events could be responsible for this?
A) technological advances in digital camera production
B) consumers' preferences changed in favor of digital cameras
C) the price of film cameras fell
D) workers who make digital cameras received a pay raise
B
Economics
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If the market in the figure above is perfectly competitive, consumer surplus is the area ________
A) ABH B) BFGH C) ACG D) BCD E) ACE
Economics
Consider the same market for nonalcoholic beer as in the previous question. How many units will Boors produce in the Nash equilibrium?
a. 1,333 b. 2,333 c. 3,333 d. 4,333
Economics