Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, there is an
A) excess supply of 10 t-shirts. B) excess supply of 8 t-shirts.
C) excess demand of 8 t-shirts. D) excess demand of 10 t-shirts.
B
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Refer to the table below. Based on their comparative advantages, Pat should specialize in ________, and Corey should specialize in ________. Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. both making pizza and delivering pizza; neither making pizza nor delivering pizza B. making pizza; delivering pizza C. neither making pizza nor delivering pizza; both making pizza and delivering pizza D. delivering pizza; making pizza
If the slope of the aggregate expenditure curve is 0.75, the expenditure multiplier is equal to
A) 1.33. B) 4.00. C) 0.75. D) 0.25. E) 5.00.
When the price of a commodity rises, we can expect
A. marginal utility of the last unit purchased will rise. B. marginal utility of the last unit purchased will fall. C. marginal utility of the last unit purchased will be unaffected. D. purchases to rise because of the increased marginal utility.
In the above figure, as output increases from 0 units to 10 units to 20 units to 30 units, the deadweight loss
A) falls. B) falls at first, then rises. C) rises. D) rises at first, then falls.