The following table contains the demand schedule and supply schedule for a market for a particular good. Suppose sellers of the good successfully lobby Congress to impose a price floor $2 above the equilibrium price in this market. Following the imposition of a price floor $2 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $1 below the former price floor. The resulting market price is

See the production possibility tables for Marketopia and Econlandia below.MarketopiaEconlandiaCookiesPiesCookiesPies018091012306206603300900Given this information, we can determine that

A. Marketopia has a comparative advantage in the production of both goods. B. Marketopia has a comparative advantage in the production of pies. C. Econlandia has a comparative advantage in the production of pies. D. Neither bakery has a comparative advantage.

A theory is a(n)

a. answer to a problem. b. way to explain the result an economist wants. c. tool to help determine the answer to a problem. d. a graph.

Mary is maximizing utility by eating three pancakes and two eggs. The principle of rational choice says that if there is diminishing marginal utility and the price of eggs rises, Mary will choose to eat more pancakes and fewer eggs.

Answer the following statement true (T) or false (F)

The prices for which of the following goods are included in both the GDP deflator and the consumer price index?

A) goods bought by households B) goods bought by firms C) good bought by governments D) goods bought by foreign households (i.e., exports) E) all of the above