An increase in the demand for peanut butter could be caused by a(n)
a. decrease in consumer income
b. increase in the supply of peanut butter
c. decrease in the price of bread
d. drought in Georgia that destroyed 30 percent of the peanut crop
e. decrease in the price of bologna
C
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If country X has a higher capital per person than country Y, then ________
A) country X is richer than country Y B) the only way for country X to be richer than country Y is if X is just as productive (has the same TFP) as Y C) the only way for country Y to be richer than country X is if Y is more productive (has a higher TFP) than X D) the only way for country X to be richer than country Y is if X is less productive (has a lower TFP) than Y E) none of the above
The marginal product of an input is
A) total product divided by the amount of the input used to produce this amount of output. B) the addition to total output that adds nothing to total revenue. C) the addition to total output that adds nothing to profit. D) the addition to total output due to the addition of one unit of all other inputs. E) the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
Refer to the above figure. Excess quantity supplied will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 15.
Total utility is determined by:
a. multiplying the quantity purchased of a good by the price of the good. b. finding the additional utility gained from consuming one more unit of a product. c. summing the marginal utilities for each successive units of a product consumed. d. summing the number of units of a good consumed. e. dividing the marginal utility derived from consuming a good by its price.