The figure above shows the market for coffee. If 30 pound of coffee a month are available, the ________ price that consumers are willing to pay for the last pound is ________
A) maximum; $4.00
B) minimum; $4.00
C) maximum; $2.50
D) minimum; $2.50
C
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Holding other factors constant, a decline in incomes of Europeans will result in a ________ curve in the United States, reducing real GDP relative to potential GDP
A) leftward shift of the IS B) rightward shift of the IS C) upward shift of the MP D) downward shift of the MP
As the housing market took off in the early 2000s:
A. the growth in household debt accelerated. B. the growth in household debt slowed. C. household debt became positive for the first time since the Great Depression. D. household debt became negative for the first time since the Great Depression.
Unregulated natural monopolies:
A. create no problems for policy-makers. B. are always protected by government policy. C. can capture profits by restricting output. D. never capture lowest costs per unit possible.
In The Wealth of Nations, published in 1776, Adam Smith tried to show that
What will be an ideal response?