The budget line facing a household includes information on
a. prices of two goods and household income.
b. household income and the price of money.
c. the price of one good and household income.
d. the price of two goods but no information on household income.
e. preferences of goods at various prices.
a
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There is excess production of tomatoes in the market. This implies that
A. the current price is above the equilibrium level. B. supply of tomatoes is more than the demand. C. quantity demanded is more than quantity supplied. D. the price will be rising, as a result.
Suppose that in the economy of Idaho, Amy earns an income of $50,000 a year and pays $10,000 in income taxes; Bailey earns an income of $25,000 a year and pays $8,000 in income taxes. Based on this information, we could say that Idaho's tax system is
A. progressive. B. regressive. C. flat. D. proportional.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90
In monopolistically competitive markets,
A) price is greater than it would be in perfect competition. B) price is less than it would be in perfect monopoly. C) quantity is greater than it would be in perfect monopoly. D) All of the above.