【題目】： Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus, the price of 【答案】： both apples and oranges will rise.
題目：In long-run equilibrium of a competitive market, the number of firms in the markets adjusts so that all of the market demand is satisfied at a price equal to 答案： minimum average total cost
【題目】 The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs is unit elastic. elastic. & ...
題目： What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? 答案： Price will fall and the effect on quantity is ambiguous
題目 If a price increase of 5 percent increases the quantity demanded of another good by 2 percent, the goods must be and the cross elasticity of demand equals 答案 : substitutes; 0.4.
題目：The demand for Chocolate Chip Cookie ice cream is likely quite elastic because 答案： other flavors of ice cream are good substitutes for this particular flavor.
【題目】 Producer surplus is the : difference between revenue and variable cost of production. difference between what the consumer offered and the actual price paid. total profit. inventories that could not be sold at the market price ...
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