Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $5, there is an excess
A. supply of 2,000 cheeseburgers.
B. demand of 1,000 cheeseburgers.
C. demand of 300 cheeseburgers.
D. supply of 500 cheeseburgers.
Answer: B
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For economic efficiency, which of the following conditions should be met?
a. Scarcer goods should have lower prices. b. More abundant goods should have lower prices. c. More abundant goods should have higher prices. d. All goods should have equal prices.
At any given quantity, the willingness to pay in the market for gasoline is reflected in the
a. height of the demand curve at that quantity. b. height of the supply curve at that quantity. c. value to the producer of the last unit of gasoline sold. d. total quantity of gasoline exchanged in the market.
The first year of his catering business, Zander was busy both days every weekend working special events. The second year, he raised his rates and was able to take one Sunday off a month. Which of the following describes his labor supply curve?
a. U-shaped b. upward sloping c. downward sloping d. backward bending
If a country is currently producing inside its production possibilities curve
A. it can increase the production of both goods by putting unemployed resources to work. B. it is experiencing efficient production of one good but not the other. C. it can increase the production of one of the goods only if it reduces the production of the other good. D. None of these are correct.