Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the value consumers place on the amount of the good they consume?
a. 60
b. 2400
c. 2800
d. 3200
d
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C = $40 million + 0.6(1 - 0.2)Y I = $35 million G = $31 million NX = -$6 million Based on the above data, the value of the expenditure multiplier is
A) 1.14. B) 1.92. C) 2.08. D) 8.33.
If a consumer purchases more of a product, then most likely the marginal utility of _____
a. that product decreases b. that product remains the same c. other products decrease d. other products increase e. that product increases
When all prices are set equal to marginal costs,
a. consumers buy more than they should. b. consumers will get less utility. c. markets are giving correct signals to consumers. d. producers make excessive profits.
When two people agree to a price in a negotiation, we can assume that:
A. only one of the parties will benefit, but there is not enough information to determine which one it will be. B. both parties will benefit. C. the seller will receive more benefit from the transaction than the buyer. D. each one will receive equal benefits from the transaction.