Wants
A) is another term for needs.
B) refer to services while needs refer to goods.
C) is the term used by economists instead of needs because needs are not objectively definable.
D) are used by economists and refer to the same thing as needs when used by psychologists.
C
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If the demand for jelly decreases, and the price of grapes (used to make jelly) rises
A) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall. B) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall. C) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly falls. D) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly rises.
A firm wants to minimize the total cost of producing 100 tons of dynamite. The firm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found where
A) the marginal products of chemicals and labor are equal B) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the marginal product of chemicals to the marginal product of labor C) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the price of chemicals to the wage rate D) the production of an additional unit of dynamite costs the same regardless of whether chemicals or labor are used E) none of the above
According to the above figure for a gasoline market, at a price of $1 per gallon of gasoline, there would be
A) a shortage of 30 million gallons. B) a surplus of 30 million gallons. C) a shortage of 20 million gallons. D) a surplus of 50 million gallons.
If an effective ceiling price is placed on hamburgers, then:
A. the quantity demanded will exceed the quantity supplied. B. a black market for hamburgers may evolve. C. consumers may want government to ration hamburgers. D. All of these are likely outcomes.