Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. The market for sunglasses is in equilibrium at a price of ________ and a quantity of ________ sunglasses.
A. $60; 450
B. $30; 300
C. $30; 600
D. $90; 300
Answer: A
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Which of the following would illustrate an example that leads to high transaction costs when dealing with pollution?
a. air quality in New York City b. water pollution caused by a large number of firms at a location near the same river c. noise pollution from aircraft near a busy airport d. all of the above
(Last Word) Microsoft charges a substantially lower price for a software upgrade than for the initial purchase of the software. This implies that Microsoft views the demand curve for the software upgrade to be:
A. more elastic than the demand for the original software. B. upsloping rather than downsloping. C. less elastic than the demand for the original software. D. of less value than the original software.
If more buyers came into the market for a good, we would expect to see the market demand curve
A. reflect a positive relationship between price and quantity demanded. B. shift inward and to the left. C. shift outward and to the right. D. remain unchanged since none of the determinants of individual demand changed.
Refer to the information provided in Figure 6.6 below to answer the question(s) that follow.
Figure 6.6Refer to Figure 6.6. Bill's budget constraint is BD. Bill's income is $600, the price of a bell pepper is $1, and the price of a bag of black beans is $2. At point D Bill is buying ________ bell peppers and ________ bags of black beans.
A. 600; 0 B. 300; 150 C. 600; 300 D. 0; 300