The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221Refer to the above table. If the price of a hamburger falls from $5 to $4, then the weekly market quantity of hamburgers supplied will
A. increase from 9 to 17.
B. increase from 13 to 17.
C. decrease from 17 to 9.
D. decrease from 17 to 13.
Answer: D
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You want to buy a TV that regularly costs $250. You can either buy the TV from a nearby store or from a store that's downtown. Relative to going to the nearby store, driving downtown involves additional time and gas. The downtown store, however, has a 10% off sale this week. Last week you drove downtown to save $20 on some concert tickets, a 15% savings. Should you drive downtown to buy the TV?
A. Yes, because you will save more than $20. B. Yes, because you will save 10%, which is better than nothing. C. No, because you will only save 10%, which is less than 15%. D. No, because you will save more than $20.
All else constant, an increase in the number of buyers in the market for cell phone service would cause:
A) equilibrium price and quantity to increase. B) equilibrium price and quantity to decrease. C) equilibrium price to increase and equilibrium quantity to decrease. D) equilibrium price to decrease and equilibrium quantity to increase.
Based on the U.S. historical experience with the gold standard, we can conclude that
A) the gold standard guarantees price stability but not economic stability. B) the standard guarantees economic stability but not price stability. C) the gold standard guarantees both economic and price stability. D) the gold standard guarantees neither economic nor price stability.
In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. When output is 20 units, what is AVERAGE cost?
A. $7,000 B. $350 C. $700 D. $3,500 E. none of the above