Which of the following will be the result of a per-unit tax on items sold by the seller?
A. demand curve shifting vertically upward.
B. supply curve shifting vertically upward.
C. demand curve shifting vertically downward.
The market demand function is given as below: Qd = 60 — 0.85P where Qd is the quantity demanded and P is the price. If P equals 20, please calculate the value of the consumer surplus?
Which of the following is the correct description of market equilibrium?
A. The demand curve is negatively sloped and the supply curve is positively sloped.
B. For any given pair of market demand and supply curves, only one equilibrium point can exist.
C. The difference between quantity demanded and quantity supplied is zero.
A next-generation phone was introduced by aphone manufacturer, which received a high level of positive publicity. The manufacturer is still falling short in meeting demand for the phone ten months after introduction even though several high-speed production assembly lines is running. Which of the following statements is the most plausible explanation for the demand/supply imbalance?
A.Competitors introduced next-generation phones at a similar price.
B. Consumer incomes grew faster than the manufacturer anticipated.
C. The phone price is low relative to the equilibrium price.
A firm engages in developing and marketingelectronic devices in a perfectly competitive, decreasing-cost industry. If the demand is increasing, then the most likely equilibrium response in the long run to rising demand for such devices is for selling prices to:
A. rise and per-unit production costs to decrease.
B. remain constant and per-unit production costs to remain constant.
C. fall and per-unit production costs to decrease.
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