Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30.
B. exactly 60.
C. fewer than 30.
D. exactly 30.
Answer: A
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Let C = 80 + 0.6y and I = 40. The value of the MPS is
A) 0.24. B) 0.4. C) 0.48. D) 0.6.
When airlines overbook a flight and passengers are paid to take a later flight, which category of passenger is most likely to give up their reservations?
A) Passengers not in a hurry B) Poor passengers C) Selfish passengers D) Unselfish passengers E) Wealthy passengers
Suppose the price elasticity of teenagers' demand for cigarettes is 2.0. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenaged smoking?
A) by 5 percent B) by 10 percent C) by 15 percent D) by 20 percent
Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units
What is the value of economic surplus in this market? A) $5 thousand B) $12.5 thousand C) $25 thousand D) $37.5 thousand