Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $1?
A) 0 B) 1 C) 3 D) 5
A
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The total income earned by residents of an economy is known as
A) private disposable income B) gross national product C) gross domestic product D) national income E) none of the above
A baker can produce two products: cupcakes and pies. The table below is the baker's production possibilities schedule:Production Possibilities ScheduleProductABCDEFCupcakes01220365681Pies1086420If the baker uses all of its resources to produce only pies, then the total number of pies will be
A. 20. B. 10. C. 81. D. 2.
Which one of the following is NOT a component of aggregate demand?
A. government purchases B. goods exported to other countries C. consumption spending D. investment expenditures
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $8, the price will
A. increase because there is an excess supply in the market. B. decrease because there is an excess demand in the market. C. remain constant because the market is in equilibrium. D. decrease because there is an excess supply in the market.