Refer to Figure 2-2. If Vidalia chooses to produce 60 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
B
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For a common resource, the marginal private benefit of the resource is greater than the marginal social benefit
Indicate whether the statement is true or false
If consumer incomes go up and you are analyzing the market for Harley Davidson motorcycles, the effect on the demand for motorcycles, ceteris paribus, will be
a. an upward movement along the demand curve for motorcycles. b. a downward movement along the demand curve for motorcycles. c. a rightward shift in the demand curve for motorcycles. d. a leftward shift in the demand curve for motorcycles.
Exhibit 11-4 Supply and demand curves for food servers
In Exhibit 11-4, the equilibrium wage and the number of food servers employed per day, respectively, are:
A. $2.00 and 5,000. B. $4.00 and 10,000. C. $6.00 and 15,000 D. $8.00 and 20,000.
If the price of monthly satellite TV service increases from $40 to $50, the percentage change is
A) 5 percent. B) 20 percent. C) 25 percent. D) 45 percent.