The above figure shows the market for pizza. The market is in equilibrium when the cheese used to produce pizza falls in price. What point represents the most likely new price and quantity?

How are most fundamental economic decisions now determined in China?

A) The government decides because China is a centrally planned economy. B) Individuals, firms, and the government interact in a market to make these economic decisions. C) The United Nations decides because China is a developing economy. D) These decisions are made by the country's elders who have had much experience in answering these questions.

The term “dirty float” is used to describe a

A. black market in foreign currencies. B. floating currency that is “managed” by central bank authorities. C. nation that switches from free to fixed exchange rates. D. currency system used only in inflationary periods.

Credit card balances are: a. included in both M1 and M2

b. included in M1 but not M2. c. included in M2 but not M1. d. not included in either M1 or M2.

When the price of a pound of oranges is $1.00, 7500 pounds of oranges are demanded. When the price of a pound of oranges decreases to $0.80, 10,000 pounds of oranges are demanded. In this price range the demand for oranges is

A. elastic. B. perfectly elastic. C. unit elastic. D. inelastic.