If the actual market price were fixed at $15 per unit in Figure 3.2,
Figure 3.2 Supply and DemandÂ
A. There would be a surplus of 20 units.
B. There would be a shortage of 40 units.
C. There would be a shortage of 20 units.
D. There would be a surplus of 40 units.
Answer: D
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Suppose the market for pizza makers is initially in equilibrium, but then the equilibrium wage rate and the equilibrium quantity of labor both increased. What happened in the market for pizza makers?
A) The demand for pizza makers increased. B) The demand for pizza makers decreased. C) The supply for pizza makers increased. D) The supply for pizza makers decreased.
An unintentional consequence of using mail-in ballots in a small community is:
A. increased pressure from government to vote. B. decreased pressure from others to fulfill their civic duty. C. increased costs associated with tallying the votes. D. decreased costs associated with voting.
If consumer income increases, then the demand for an inferior good shifts right
a. True b. False Indicate whether the statement is true or false
Refer to Table 4.1. Mike's preferences are consistent with the Ranking Principle because:
A. the two goods are perfect complements.
B. there are no empty cells.
C. in each column, the choices at the top are ranked lower than the choices at the bottom.
D. in each column, the choices at the top are ranked higher than the choices at the bottom.