Summing demand curves horizontally sends market ______________ to individuals, while summing vertically sends market ______________ to individuals.
A. price; price
B. quantity; quantity
C. quantity; price
D. price; quantity
D. price; quantity
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The law of supply says that
a. supply and income are inversely related b. supply follows demand c. quantity supplied equals quantity demanded d. price and quantity supplied are inversely related e. price and quantity supplied are directly related
Figure 10-1
If the price level in Figure 10-1 were 100,
a.
firms would have to lower their prices.
b.
inventories would be accumulating.
c.
shortages of goods would exist.
d.
aggregate quantity demanded would exceed aggregate quantity supplied.
e.
both c and d would occur.
Briefly explain one function of financial instruments that can make them very different from money.
What will be an ideal response?
The price of a bagel with cream cheese equals $2 and the price of a donut equals 50 cents. The marginal utility to Jade of the last bagel consumed equals 16 utils. If Jade maximizes her satisfaction by consuming both bagels and donuts, we would expect the marginal utility of the last donut consumed to equal: a. 20 utils. b. 12 utils. c. 8 utils
d. 4 utils.