Given the graph, the quantity that would be associated with the price of $4 in a demand table would be:
A. 1.
B. 2.
C. 3.
D. 4.
Answer: B
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Craft unions exert market control by
A) limiting the demand for labor. B) limiting the supply of labor. C) setting minimum wages. D) setting maximum wages.
Suppose the price of cheese has recently risen from $4 to $6 per pound, while the price of fruit has fallen from $8 to $6 per pound. During this time, Miguel's income has stayed fixed at $48 per week. Before the price changes, Miguel had been buying 4 pounds of cheese and 4 pounds of fruit per week. Since the price changes, he has been buying 2 pounds of cheese and 6 pounds of fruit weekly. Assuming Miguel's preferences have not changed, is it possible to say whether the price changes have made Miguel better off or worse off? Explain.
What will be an ideal response?
When the price of a good decreases,
A) supply increases. B) supply decreases. C) quantity supplied increases. D) quantity supplied decreases.
When positive or negative externalities exists in the production of a good, the market outcome is an inefficient outcome.
Answer the following statement true (T) or false (F)