If the price is $5 and the quantity demanded is 100 units, then at a price of $10, the quantity demanded will be
A) less than or equal to 100 units.
B) greater than or equal to 100 units.
C) less than or equal to 1000 units.
D) equal to 100 units.
A
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The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:
A) a direct consumer survey. B) contingent valuation. C) the hedonic estimation technique. D) conjoint analysis.
Consider a competitive market in which people consume at the point where their marginal rates of substitution between products X and Y are 3/5
In this same market, producers produce where their marginal rates of transformation between X and Y are also 3/5. However, producers are producing 7 of Y and 3 of X, and consumers wish to consume 5 of Y and 5 of X per unit of time. Explain how this situation can exist. Also determine if it represents an equilibrium or not. If not an equilibrium, what will tend to happen in the market?
Why do airlines tend to lower ticket prices in the winter?
a. Supply is relatively variable, and a drop in demand lowers equilibrium price. b. Demand is relatively variable, and a drop in supply lowers equilibrium price. c. A drop in both supply and demand lowers equilibrium price. d. Supply is relatively fixed, and a drop in demand lowers equilibrium price. e. Demand is relatively fixed, and a drop in supply lowers equilibrium price.
Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states. B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs. C. Most people receiving welfare benefits are black. D. Each state sets its own welfare payments.