All of the following will cause a shift in the supply of wireless earbuds EXCEPT
A. an increase in the cost of producing wireless earbuds.
B. a per-unit government subsidy on the production of wireless earbuds.
C. a decrease in the number of wireless earbuds manufacturers.
D. a decrease in the prices of wireless earbuds.
Answer: D
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Refer to the scenario above. If the number of bidders increases to 65, Molly's optimal bid for the product would be ________, and her consumer surplus would be ________
A) $836.92; $13.08 B) $831.11; $18.89 C) $765.5; $25 D) $750; $28.5
An example of an automatic stabilizer is:
A. increased unemployment rates cause the government to pay out more in unemployment insurance. B. increased tax revenues due to nominalincome going up during a boom. C. reduced unemployment rates during a boom means more people working, and the government pays less out in food assistance. D. All of these are examples of automatic stabilizers.
After downing three glasses of lemonade on a hot summer afternoon, Todd says, "You would have to pay me to drink another glass!" This statement best illustrates
a. the law of demand. b. the substitutability among goods. c. the law of diminishing marginal utility. d. that chocolate candy bars are an inferior good.
Exhibit 6-9 Cost schedule for firm X OutputQuantity Total FixedCost Total VariableCost 0 $100 $ 0 1 100 50 2 100 84 3 100 108 4 100 127 5 100 150 As shown in Exhibit 6-9, the marginal cost of producing the third unit is:
A. $50. B. $16. C. $24. D. $23.