3 Quizle Question

Item18

Item18

Item 18

A market equilibrium:

Multiple Choice

窗体顶端

· is socially optimal.

· leaves unexploited opportunities for individuals.

· might not maximize total economic surplus.

· is never socially optimal.

窗体底端

Item16

Item16

Item 16

Suppose we observe a decrease in the equilibrium price of tuna and an increase in the equilibrium quantity of tuna. This is best explained by:

Multiple Choice

窗体顶端

· a decrease in the cost of fuel used by tuna fishing boats.

· a decrease in the tuna population in the oceans.

· a decrease in the expected future price of tuna.

· an increase in the price of salmon, a substitute for tuna.

窗体底端

If the supply curve and the demand curve both shift to the left, then the new equilibrium:

Multiple Choice

窗体顶端

· quantity will be higher, but the direction of the price change is uncertain.

· price will be lower, but the direction of the change in quantity is uncertain.

· price will be higher, but the direction of the change in quantity is uncertain.

· quantity will be lower, but the direction of the price change is uncertain.

窗体底端