Refer to Table 3-1. The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia) and the rest of the market. At a price of $5, the quantity demanded in the market would be
A) 51 lbs. B) 63 lbs. C) 76 lbs D) 146 lbs.
B
You might also like to view...
Refer to the figure above. If the pre-tax equilibrium price of Good X was $3 and the price that sellers receive after the imposition of a tax of $3 is $2, the incidence of the taxation on sellers is approximately ________
A) 1% B) 15% C) 33% D) 21%
The figure above illustrates a linear demand curve. In the range from $8 to $6
A) the demand is price elastic. B) the demand is unit elastic. C) the demand is price inelastic. D) more information is needed to determine if the demand is price elastic, unit elastic, or inelastic.
If the number of sellers in a market increases, then the
a. demand in that market will increase. b. supply in that market will increase. c. supply in that market will decrease. d. demand in that market will decrease.
Which of the following is usually discussed in the case against government?
A) special interest groups and transfers B) the unintended effects of governments actions C) removal from the prisoner's dilemma D) a and b E) none of the above