An economist observes two consumers in a supermarket. One of the consumers buys a case of Coca-Cola and the other buys a case of Pepsi-Cola. Both colas sell for the same price and the ages and incomes of the consumers are also the same
Based on this information, how would the economist explain the consumers' choices?
A) Both consumers should have purchased less than a case because they would be able to buy more later.
B) Both consumers should have considered buying other colas that had lower prices.
C) Apparently, the consumers had different tastes.
D) One of the consumers made the wrong choice, but it is impossible to say which one.
C
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Changes in all of the following will shift the demand curve for labor except
A) the real wage rate. B) the quantity of capital. C) the technology of production. D) the skill level of workers.
What are some of the explanations offered for why the U.S. economy experienced a period of relative stability from 1950-2007?
What will be an ideal response?
In the figure below, a firm that is using peak load pricing sets a price of ________ in the peak period and a price of ________ in the off-peak period.
A) $60; $30
B) $60; $20
C) $20; $10
D) $60; $10
Refer to Figure 2. If this economy moved from point C to point E,
a. it still would not be producing efficiently.
b. it was inefficient before but now it is producing efficiently.
c. it would be producing more barrels and more bathtubs than at point C.
d. It is not possible for this economy to move from point C to point E without additional resources.