Which of the following combinations of hamburger and milkshake consumption yields consumer equilibrium?
a. 1 hamburger and 2 milkshakes
b. 2 hamburgers and 2 milkshakes
c. 3 hamburgers and 4 milkshakes
d. 4 hamburgers and 4 milkshakes
a. 1 hamburger and 2 milkshakes
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Refer to Figure 5-15. The current market equilibrium output is partly the result of overfishing. In that case, what does S2 represent?
A) the private marginal cost of harvesting salmon B) the private marginal benefit of harvesting salmon C) the social marginal cost of harvesting salmon D) the social marginal benefit of harvesting salmon
The demand curve facing a firm will be more elastic the
a. fewer the number of competing firms b. more differentiated the product c. more substitutes available d. greater the firm's ability to control price e. more profit the firm makes
Suppose the Fed purchases $10 million of U.S. securities from the public. If the reserve requirement is 10 percent, the currency holdings of the public are unchanged, and banks have zero excess reserves both before and after the transaction, the total impact on the money supply will be a
a. $10 million decrease in the money supply. b. $10 million increase in the money supply. c. $100 million decrease in the money supply. d. $100 million increase in the money supply.
When the price level falls, the total quantities of goods and services demanded:
A. decrease. B. stay the same. C. increase. D. increases and then decreases.