Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $24 dollars,
A) Curly will buy two bottles, Moe will buy one bottle and Larry will buy no bottles.
B) Curly and Moe receive a total of $80 of consumer surplus from buying one bottle each. Larry will buy no bottles.
C) Curly will receive $26 of consumer surplus from buying one bottle.
D) Larry will receive $15 of consumer surplus since he will buy no bottles.
C
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If the asset market is in equilibrium, the growth rate of the nominal money supply minus the growth rate of real money demand equals
A) the real interest rate. B) the inflation rate. C) the price level. D) the growth rate of real output.
If labor markets are competitive, wages in those markets are determined by
A. neither supply nor demand. B. demand only. C. supply only. D. the interaction of supply and demand.
Life cycle patterns create substantial inequality across age groups
Indicate whether the statement is true or false
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.