Supply is best defined as the:
A) relationship between the quantity of a good or service buyers are able to purchase, all other things unchanged.
B) relationship between the quantity of a good or service buyers are willing to purchase, all other things unchanged.
C) relationship between the quantity of a good or service sellers are willing to offer for sale and various prices, all other things unchanged.
D) quantity of a good or service sellers are willing to offer for sale at a specific price, all other things unchanged.
Ans: C) relationship between the quantity of a good or service sellers are willing to offer for sale and various prices, all other things unchanged.
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You won a free ticket to see the latest Star Wars movie this Friday night (which you can costlessly resell for its face value of $15). Your favorite band is also performing on Friday and is your only alternative activity. Friday is your last chance to see either the movie or the band. Tickets to see your favorite band cost $30, and on any given day, you would be willing to pay as much as $50 for a ticket. Based on this information, what is your opportunity cost of going to see the Star Wars movie on Friday?
A. $35 B. $30 C. $50 D. $0
If, in response to an increase in the price of pineapples, the quantity of pineapples demanded decreases, then economists would describe this as
A) an decrease in demand. B) a decrease in quantity demanded. C) a change in consumer income. D) a decrease in consumers' taste for pineapples.
Ceteris paribus is Latin for
A. all is lost. B. equilibrium is optimal. C. holding all other things constant. D. at equilibrium.
Refer to Table 11-7. What is the average total cost of production when the firm produces 120 lanterns?
A) $1,680 B) $72 C) $14 D) $12.3