In the figure above, how much do the consumers pay in total for the quantity of pizza they buy per day?
A) $100,000
B) $150,000
C) $125,000
D) $50,000
E) None of the above answers is correct.
A
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? PriceQuantity Demanded Quantity Supplied $101,000 5,500 92,0005,00083,0004,50074,0004,00065,0003,50056,0003,00047,0002,50038,0002,00029,0001,500110,0001,000? Refer to Table 4-1. What is the equilibrium price in the example above?
A. $9 B. $8 C. $7 D. $6 E. $5
________ is concerned with the distribution of resources across society
A) Social surplus B) Equity C) Efficiency D) Utility
At that amount of output where diminishing marginal returns first sets in
A) total product will begin to decline. B) average product will begin to decline. C) marginal product will begin to decline. D) all of the above
What is the marginal rate of substitution?
A) the rate at which the consumer is willing to trade one good for another without any loss in utility B) the rate at which the consumer is willing to trade one good for another so that she increases her utility C) the price ratio D) the rate at which the consumer must give up one good to purchase an additional unit of the other goods in the market