Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2?
A) 0 B) 2 C) 3 D) 5
C
You might also like to view...
The reason for the Fed being set up as an independent agency of government is to
A. allow it to earn profits like private firms. B. make it be managed and controlled by member banks. C. protect it from political pressure. D. let it be able to compete with other financial institutions.
The "currency" of the IMF is the
A) International Currency Unit. B) Special Drawing Right. C) U.S. dollar. D) IMF Dollar.
If a monopoly is price discriminating between two groups, A and B, based on observable customer characteristics, there is a difference in the marginal cost of selling to the two groups, and the elasticity of demand for group A is -1.5 while the elasticity of demand for group B is -2.1, which of the following is true?
A. The markup and price for group A customers will be higher than for group B customers. B. The markup and price for group B customers will be higher than for group A customers. C. The markup for group A customers will be higher than for group B customers, but there is not enough information to determine which price will be higher. D. The price for group A customers will be higher than for group B customers, but there is not enough information to determine which markup will be higher.
Microeconomics focuses on: a. economic growth
b. trade balances. c. unemployment. d. the actions of individual households.