A consumer spends more time searching for a good when her reservation price is:
A. reduced.
B. increased.
C. fixed.
D. None of the statements is correct.
Answer: A
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Aggregate supply
A) is the overall wealth within an economy. B) is the total of all planned production in an economy. C) is the total amount of raw materials available in an economy. D) is the total amount of money circulating in an economy.
Refer to Figure 5-13. The gasoline tax raises the price paid by consumers by ________ per gallon
A) $0.75 B) $1.25 C) $1.75 D) $2.00
Deficient information on unsafe products can cause:
a. overconsumption of a product. b. waste of resources used to produce a product. c. consumers to pay a higher price for a product. d. all of the above answers are true. e. none of the above answers a. - c. are true.
The aggregate supply curve shows the relationship between the:
A. overall price level in the economy and total production by firms. B. unemployment rate and total production by firms. C. overall price level in the economy and the unemployment rate. D. inflation rate and the overall price level in the economy.