Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Rooms CleanedPer Hour Meals CookedPer HourLou54Alex33For Alex, the opportunity cost of cleaning one room is making ________ meal(s); for Lou the opportunity cost of cleaning one room is making ________ meal(s).
A. 4; 4
B. 3; 5
C. 1; 4/5
D. 1; 5/4
Answer: C
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a. root beer and orange soda are substitutes b. root beer and orange soda are complements c. the cross-price elasticity of demand is elastic d. the cross-price elasticity of demand is equal to 2 e. the cross-price elasticity of demand is equal to -2
Under what conditions might a monopoly lose money?
Refer to the graph shown. A movement from D to B is most likely to be caused by:
A. a decrease in input prices. B. a decrease in import prices. C. a decrease in aggregate demand. D. an increase in expected inflation.
Suppose the government imposes a price support that is above the equilibrium price. As a result,
A) total revenue increases. B) consumer surplus increases. C) the marginal cost of the last unit produced decreases. D) the government has effectively imposed a price ceiling. E) the subsidy the government pays decreases.