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A legal minimum price is set which is below the equilibrium price. What will be the impact of this?
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Which one of the following would cause the supply curve for a good to shift to the right (outwards from the origin)?
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When the price of a good is held above the equilibrium price, the result will be?
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Which one of the following would not lead directly to a shift in the demand curve for overseas holidays?
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Which of the following is likely to lead to a fall in the price of good Q which is a normal good?
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According to the theory of the firm, which of the following statements describes an oligopoly?
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Which of the following is not a substitute for carpets?
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Which of the following is not a complement to cars?
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The demand for fashion goods is not influenced by:
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If the price of coffee falls, which one of the following outcomes would be expected to occur?
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What is an inferior good?
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Consider the price and demand for tickets to travel by sea ferry. The price of travelling by hovercraft (a substitute form of travel) goes up. Which of the following would you expect to happen?
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The summer demand for hotel accommodation in London comes mainly from foreign tourists. Demand for hotel rooms in London in summer could be reduced by a fall in the price or value of which of the following?1 US dollars2 Aeroplane tickets3 Sterling
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ABC produces a variety of soft drink. It has two competitors but all three producers use product differentiation to distinguish themselves from each other. What type of market is this?
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The demand curve for a resource may shift because of
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The income elasticity of demand for a product is high. This means that
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Consumer surplus is:
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Which combination of demand and supply curves would be appropriate for a firm attempting to increase its profits by increasing its market share?
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If the absolute value of the price elasticity of demand for dry white wine is greater than one, a decrease in the price of all wine would result in:
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Which one of the following statements is true?
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