Which of the following transactions represents the purchase of a final good or service?
A) General Motors purchases tires from Goodyear to install on its new Chevy Suburbans.
B) Aunt Matilda buys a new convection oven for her condo in Boca Raton.
C) Dunkin' Donuts purchases coffee beans.
D) Tiffany's buys platinum wire to use in the production of its necklaces.
B
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Use the figure below to answer the following question. 
Assume that price increases from $2 to $10. The price elasticity of supply (based on the midpoint formula) associated with this price change is about
A. 0.25 and supply is inelastic. B. 1 and supply is unit-elastic. C. 1.35 and supply is elastic. D. 4 and supply is elastic.
The income effect of an increase in the price of peaches is
A) the change in the quantity of other fruit demanded that results from the impact of the price change on purchasing power, holding all other factors constant. B) the change in the quantity of peaches demanded that results from the effect of the change in price on consumer purchasing power, holding all other factors constant. C) the change in the demand for peaches as a result of the change in the price of peaches, holding all other factors constant. D) the change in the quantity of peaches demanded that results from the price increase, making peaches more expensive than other fruit, holding constant the effect of the price change on consumer purchasing power.
Is it possible for average total cost to be decreasing over a range of output where marginal cost is increasing? Briefly explain
What will be an ideal response?
Will a binding price floor result in a shortage or a surplus in the market?