Suppose that Mark and Kate are the only consumers of pizzas in a small town. Mark purchases 6 pizzas a week if the price is $12.00 per pizza, but only 3 pizzas per week if the price is $16.00 . Kate, on the other hand, purchases 3 pizzas per week at $12.00 per pizza, but only 2 per week if the price is $17.00 each. The market demand for pizza at a price of $12.00 is equal to _____
a. 5
b. 7
c. 14
d. 9
d
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One of the problems created by price floors set above the equilibrium is:
a. consumers complain about high prices. b. firms don't have incentives to reduce costs. c. the creation of surplus. d. how to cope with the shortages. e. the impact on firm profitability.
According to international trade theory, a country can gain if it
a. imports goods when they can be purchased cheaper from domestic producers. b. imports goods when foreigners are willing to pay higher prices than domestic consumers. c. specializes in producing those things it does best (produces at a low cost). d. trades with high-income countries but not low-income countries.
Following the implementation of laws requiring automobiles to have seat belts, which of the following occurred?
a. An individual's probability of surviving an auto accident rose. b. There was an increase in pedestrian deaths. c. There was an increase in automobile accidents. d. All of the above are correct.
Which of the following is true of investment-based income?
A. Tax rates on carried investment are lower now as compared to 1980s. B. Tax rates on carried investment are higher now as compared to 1980s. C. Capital gains are now completely tax-free. D. Capital-gains tax rates are higher now as compared to the 1980s.