The more _____ the demand, _______.
Fill in the blank(s) with the appropriate word(s).
Elastic ; the larger the amount paid by sellers
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If all of the income paid to a resource is opportunity costs,
a. the price and quantity of that resource are determined exclusively by supply b. the price and quantity of that resource are determined exclusively by demand c. the quantity of that resource is determined exclusively by supply d. the price of that resource is determined exclusively by demand e. the quantity of that resource is determined exclusively by demand
Suppose that technological progress increases the productivity of teachers. Which of the following accurately describes the labor market for teachers after the technological change? Equilibrium wages will
a. rise, and the equilibrium quantity of teachers employed will fall. b. rise, and the equilibrium quantity of teachers employed will rise. c. fall, and the equilibrium quantity of teachers employed will fall. d. fall, and the equilibrium quantity of teachers employed will rise.
Under perfect competition, the price is 
Figure 42.2
A. P1. B. P2. C. P3. D. 0.
During a study session for an economics exam with three other students, Peter Daltry commented on an example of a consumer who had to decide on number of slices of pizza and cups of Coca-Cola he would consume. Peter explained that "To maximize his
utility this consumer must equate the marginal utility per dollar for pizza and Coca-Cola." Was Peter's analysis correct? A) Peter described one of the conditions necessary for utility maximization. The consumer also must equate the marginal utility of pizza and the marginal utility of cups of Coca-Cola. B) Peter's statement is correct. C) Peter's statement is correct but we must also assume that the consumer is rational. D) Peter describes one of the conditions necessary for utility maximization. The second condition is that total spending on both goods must equal the amount available to be spent.