Equilibrium price is _____ and equilibrium quantity is ______ units.
A. $12; 20
B. $12; 30
C. $20; 20
D. $20; 30
D. $20; 30
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Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two bidders, and both have high values, she would earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70
Suppose that the price of doughnuts decreases. Given that doughnut holes are a by-product of producing doughnuts, one would expect:
A. the supply of doughnuts to decrease. B. the supply of doughnuts to increase. C. the supply of doughnut holes to increase. D. the supply of doughnut holes to decrease.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers decreased from $15 to $13, which of the following can be said with certainty?
A. Only Bob's Hardware will experience a drop in producer surplus. B. Bob's Hardware would continue to participate in the market. C. Bob's Hardware would no longer participate in the market. D. Total producer surplus would decrease.
Income inequalities are greatest in
A. Poor countries. B. Highly developed countries. C. Countries with many factors of production. D. Rich countries.