The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price
What are the new equilibrium quantity and equilibrium price? A) 5 pounds, $4.00 per pound
B) 5 pounds, $6.00 per pound
C) 5 pounds, $5.00 per pound
D) 4 pounds, $5.00 per pound
B
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When MFC < MRP, a firm in a competitive market will
A) stop hiring. B) hire more workers. C) earn fewer profits. D) layoff workers.
Table 11-2 QTRTC89590910293 10110100 11112105 12115110 ? In Table 11-2, marginal revenue at the profit-maximizing output is how much?
A. $5 B. $7 C. $8 D. $110
A country's production possibilities will grow if it
a. produces more guns than butter. b. lowers its opportunity costs. c. makes more trade-offs. d. increases its resources.
A decrease in the demand for recreational fishing boats might be caused by an increase in the:
A. size and number of fish available. B. income of sports fishers. C. price of sailing boats. D. price of outboard motors.