Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25). If there are five buyers in the market, then
a. the marginal buyer's willingness to pay for the 100th unit of the good is $25.
b. the sum of the five buyers' willingness to pay for the 100th unit of the good is $25.
c. the average of the five buyers' willingness to pay for the 100th unit of the good is $25.
d. all of the five buyers are willing to pay at least $25 for the 100th unit of the good.
a
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A credible promise is:
A. possible to keep. B. made by a honest person. C. in the promiser's interest to keep. D. legally enforceable.
Which of the following pairs of goods is the best example of substitute goods?
a. Borden's milk and Nabisco cookies b. Goodyear tires and Ford automobiles c. Exxon gasoline and Ford automobiles d. McDonald's Big Mac and Wendy's grilled chicken sandwich e. Dell computers and Microsoft software
Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country A B. Country D C. Country E D. Country B
Economists agree that:
A. incentives are likely to be inconsequential unless prices are involved. B. sometimes incentives facing a decision-maker will not achieve the desired result. C. markets are always the most efficient means of solving society's problems. D. social and moral pressures cannot be modeled.