Refer to Figure 3.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 15, the price must be:
A. $0.
B. $6.
C. $9.
D. $15.
Answer: B
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The marginal propensity to consume explains how much of the next dollar of disposable income
A) a household will spend. B) a business will invest. C) the government will spend. D) foreign residents will use to purchase domestic exports.
Government programs such as Medicare substantially subsidize health care purchases by some consumers in the U.S. economy. Who benefits from these subsidies? How do they affect the price of health care? If you are not a recipient of this program, are you made better or worse off by the subsidy? Explain
The production possibilities frontier (PPF) illustrates the combinations of goods that society can consume when trading with other producers
a. True b. False Indicate whether the statement is true or false
Refer to the graph below. For a given change in supply, which demand curve is going to yield the smallest changes in price?
A. D1
B. D3
C. D4
D. D5