Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the price of a lobster dinner?
A) $10.00
B) $15.00
C) $20.00
D) $30.00
D
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The quantity of money that people choose to hold is
A) positively related to the nominal interest rate. B) positively related to real GDP. C) negatively related to the price level. D) positively related to the availability of ATM machines.
Suppose that X and Y are substitute goods. If the price of good X increases, we can expect
a. the demand for good X to shift to the left b. an upward movement along the demand curve for good Y c. the demand curve for good Y to shift to the right d. a downward movement along the demand curve for good Y e. the demand curve for good Y to shift to the left
An equilibrium is an outcome in which
a. all individuals are simultaneously optimizing. b. constraints are no longer binding. c. social gain is as large as possible. d. the wants of all agents are fully satisfied.
Negative externalities cause loss of welfare not transmitted by market factors.
A. True B. False C. Uncertain