Refer to Figure 3.2, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50, the price must be:
A. $0.
B. $10.
C. between $10 and $20.
D. $30.
Answer: C
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Scarcity refers to the situation in which
A) unlimited wants exceed limited resources. B) a country's population is larger than its resource base. C) a nation's poverty level increases faster than its population. D) unlimited resources exceed limited wants.
If Jennifer didn't have class in the evening, she would save the $4 campus parking fee and spend four hours at work where she earns $10 per hour. The opportunity cost of attending class is: a. $0
b. $4. c. $40. d. $44.
In a game, which strategic choice is called a dominant strategy?
Which of the following was not a major area addressed by the Dodd-Frank Bill (i.e., Wall Street Reform and Consumer Protection Act of 2010)
a. Reducing systemic threats to the U.S. financial system. b. Solving the "too small to survive" problem in the U.S. financial system. c. Improving credit rating agency performance and accountability. d. Preventing spillover effects in the financial industry.