Kristi and Rebecca sell lemonade on the corner for $0.50 per cup. It costs them $0.10 to make each cup. On a certain day, their producer surplus is $20 . How many cups did Kristi and Rebecca sell?
a. 40.
b. 200.
c. 8.
d. 50.
d
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Which of the following statements is not true?
A. The duration of unemployment increases during recessions. B. The duration of unemployment increases during economic expansions. C. The unemployment rate plus the employment rate equals 100% of the labor force. D. The unemployment rate does not tell us anything about the duration of unemployment.
If a product's demand decreases as its supply simultaneously increases, the marginal revenue product curve will
A. shift to the left. B. remain unchanged. C. shift to the right. D. either shift to the left, shift to the right, or remain unchanged depending upon what happens to product price.
Refer to Figure 10-2. When the price of ice cream cones increases from $2 to $3, quantity demanded decreases from 4 ice cream cones to 3 ice cream cones. This change in quantity demanded is due to
A) the fact that marginal willingness to pay falls. B) the price and output effects. C) the law of diminishing marginal utility. D) the income and substitution effects.
Identify the basis on which you measure the liquidity of an asset
a. Its value. b. Its future earning potential. c. Its convertibility into cash. d. Its ability to act as a perfect store of value.