If Andrea sells Dan a Wii gaming system for $150,
a. the well-being of both parties will be unchanged.
b. Andrea will gain from the transaction, but Dan will lose.
c. Dan will gain from the transaction, but Andrea will lose.
d. both Dan and Andrea will gain from this transaction.
d. both Dan and Andrea will gain from this transaction.
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If the expenditure multiplier is 5, the slope of the aggregate expenditure (AE) curve is
A) 0.2. B) 0.5. C) 0.8. D) 0.7. E) 0.6.
An agency that regulates product markets is the
A) Equal Employment Opportunity Commission. B) Environmental Protection Agency. C) Federal Trade Commission. D) Occupational Safety and Health Administration.
Economic efficiency is indicated by
A) P = AVC. B) MR = MC. C) P = MR. D) P = MC.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. $5.00; 4 B. $7.00; 7 C. $5.00; 10 D. $7.00; 6