Which of the following best reflects an increase in quantity demanded and not an increase in demand?
A: A college expects enrollment to increase, despite no change in the tuition.
B: Skiing becomes a fashionable winter sports activity.
C: The price of hair styling falls.
D: Consumers expect lower prices next month for computers.
A: A college expects enrollment to increase, despite no change in the tuition.
B: Skiing becomes a fashionable winter sports activity.
C: The price of hair styling falls.
D: Consumers expect lower prices next month for computers.
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- If the demand for orange juice is elastic, then as the price falls, quantity demanded for orange juice will ________ and total revenue for orange suppliers will ________. A: increase; increase B: decrease; increase C: decrease; decrease D: increase; decrease
- An increase in market supply and an increase in market demand will result in A: A decrease in equilibrium price and an increase in equilibrium quantity B: A decrease in equilibrium price - the change in equilibrium quantity is indeterminate C: An increase in equilibrium quantity and the change in price is unclear D: all of above
- Which of the following would increase quantity supplied, increase quantity demanded, and decrease the price that consumers pay? ( ) A: the imposition of a binding price floor . B: the removal of a binding price floor. C: the passage of a tax levied on producers. D: the repeal of a tax levied on producers .
- Which of the following will definitely occur when there is an increase in demand for and a decrease in supply of milk? A: an increase in equilibrium quantity B: a decrease in equilibrium quantity C: a decrease in equilibrium price D: an increase in equilibrium price.
- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is