A country produces only pencils and erasers. Pencil production is allocatively efficient if the marginal ________ of a pencil equals the marginal ________ of ________
A) cost; benefit; an eraser
B) cost; cost; an eraser
C) benefit; benefit; an eraser
D) benefit; cost; a pencil
D
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The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If the price of a hamburger decreases from $3 to $2, then the weekly market quantity of hamburgers supplied will
A. decrease from 9 to 5. B. increase from 5 to 13. C. decrease from 13 to 5. D. increase from 5 to 9.
The portfolio theories of money demand state that when income (and therefore, wealth) is higher, the demand for the money asset will ________ and the demand for real money balances will be ________
A) rise; higher B) rise; lower C) fall; higher D) fall; lower
_____ and _____ are examples of complementary products
a. Coke; Pepsi b. Coffee; tea c. Hot dogs; hot dog buns d. Pens; pencils
Penalties on sellers
What will be an ideal response?