The demand curve for dolls shows the quantity of dolls demanded
a. by suppliers of those dolls
b. by U.S. consumers
c. at the equilibrium price for dolls
d. at each level of income
e. at each possible price of dolls
E
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Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. What is the efficient price?
A. $1,400 B. $1657.14 C. $685.71 D. $1,200
Refer to Figure 24-1. Ceteris paribus, a decrease in government spending would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Refer to Figure e. Brandon and Allie want to go on a date one summer evening. Allie is a Red Sox fan, while Brandon is a Mets fan. Both teams are playing that evening, but not against each other. Each would rather watch their favorite team, but neither can force the other to watch a particular game, and each is willing to suffer through the other's game if it means time together. If Brandon watches the Mets, what is Allie's best response?
A. Allie should watch the Red Sox.
B. Allie should watch the Mets.
C. It does not matter which Allie watches; she is indifferent between the Red Sox and the Mets.
D. Allie should not consider Brandon's choice when making her decision.
Which one of the following statement best describes a price floor?
a. A price floor causes demand to change. b. A price floor causes supply to change. c. A price floor keeps a price from rising above a certain level. d. A price floor keeps a price from falling below a certain level.