Refer to Figure 3.2, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A. 0
B. 100
C. 150
D. 200
Answer: B
You might also like to view...
An efficiency wage is designed to ________ work effort and to ________ labor turnover
A) increase; raise B) decrease; raise C) not change; decrease D) increase; lower E) decrease; lower
Does the fact that monopolistically competitive firms do not achieve productive efficiency or allocative efficiency mean that there is a significant loss in consumer welfare?
What will be an ideal response?
The government's policy of reducing payments for physicians' services has generated a relative
A) increase in the number of physicians in the program. B) reduction in the number of physicians in the program. C) reduction in the demand for medical services. D) increase in the income of the physicians remaining in the program.
At a price of $5, Sam buys 10 units of a product. When the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct? a. Yes, Martha is correct. Sam's demand decreased from 10 to 8 units. b. No, Martha is incorrect. Sam's demand increased because price increased from $5to $6
c. No, Martha is incorrect. The quantity demanded decreased from 10 to 8 units but his demand remains unchanged. d. No, Martha is incorrect. The quantity supplied to Sam has decreased from 8 units to 10 units but his demand remains unchanged. e. No, Martha is incorrect. Sam's demand has increased, and his quantity demanded has decreased from 10 units to 8 units.