A graph cannot be used to show that two variables are unrelated
Indicate whether the statement is true or false
FALSE
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The above figure shows the market for game day t-shirts. If the price of t-shirts is $12, then
A) the market is in equilibrium. B) there is a surplus and the price of t-shirts will fall. C) there is a shortage and the price of t-shirts will fall. D) there is a shortage and the price of t-shirts will rise. E) there is a surplus and the price of t-shirts will rise.
A black market develops only when quantity demanded exceeds quantity supplied
a. True b. False Indicate whether the statement is true or false
A baker can produce two products: cupcakes and pies. The table below is the baker's production possibilities schedule:Production Possibilities ScheduleProductABCDEFCupcakes01220365681Pies1086420Going from E to C shows that the opportunity cost of an additional 4 pies is
A. 36 cupcakes. B. 56 cupcakes. C. 20 cupcakes. D. 25 cupcakes.
If a competitive market operates perfectly, it relies on:
A. the number of people buying goods. B. the laws of supply and demand. C. how many products can be produced for sale. D. how much people are willing to pay for the products.