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Author Question: The quantity of newspapers sold will decline if: a. newsprint becomes more expensive. b. the ... (Read 32 times)

cabate

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on: Jun 30, 2018
The quantity of newspapers sold will decline if:
 a. newsprint becomes more expensive.
 b. the printers' union makes wage concessions.
  c. newspaper prices are reduced.
 d. magazine prices rise.

Question 2

If the price of oil increased by 15 percent when oil producers believed that other prices were rising 10 percent over the same period, what would happen to the quantity of real output supplied by the oil industry?


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tuwy

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

Oil producers would be subject to the misperception effect. This would typically only occur in the short run. The oil producers would be fooled by the price changes in the short run and believe they had the opportunity to make greater profits by expanding their output, since they believe the value of their product is rising faster than other products.


cabate

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

nathang24

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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