Economics professors are well aware of the importance of incentives. Which of the following situations shows the use of a positive incentive?

Which of the following would shift the demand curve for gasoline to the left?

Children don’t understand cause and effect until age five.

A less elastic demand for a good could result from

In a perfectly competitive market equilibrium,

Which of the following would shift the demand curve for gasoline to the left?

Match each definition with the correct term.  Do not use any term more than once.  Some terms will not be used at all.

For firms in perfectly competitive market, the difference between the long run and the short run is that in the short run, firms

If the money supply is constant and the demand for money increases, what will happen to interest rates?

A monopolistically competitive firm usually charges less than a monopoly firm because