Suppose that the price of New York style slices of pizza is $4 each. Matthew is willing to pay $6 for the first slice, James is willing to pay $5 for the second slice, Jessica is willing to pay $4 for the third slice, and Tammy is willing to pay $3 for the fourth slice. Which consumer will not buy pizza slices?
A. Matthew
B. James
C. Jessica
D. Tammy
Answer: D
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The economic reasons that underlie the shape of the aggregate supply curve are different from those that underlie the shape of the supply curve for a particular good
a. True b. False Indicate whether the statement is true or false
Which of the following would be most inelastic with regard to price?
a. a Samsung LCD television b. a Sony LCD television c. all LCD televisions d. Demand for all of the above would be equally elastic because none are necessities.
If the marginal utility of a gallon of milk to consumers is $2.50 and the MC of producing the gallon of milk is $1.50, then
A. the value of the resources used up in producing one more gallon of milk would be $1 less than the money value of the additional gallon to consumers. B. society could be made better off by expanding the output of milk. C. resources are not being used most efficiently. D. All of the above are true.
_____________________________: A sale price adjustment must be made if the legal estate, or bundle of rights, of a comparable property differ from those of the subject property.
Fill in the blank(s) with the appropriate word(s).