At a price of $10 in the above figure, there is
A) a surplus of 200 units.
B) a shortage of 200 units.
C) a surplus of 400 units.
D) a shortage of 400 units.
C
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The willingness to pay for a commodity:
A) decreases as consumption of the commodity increases. B) increases as consumption of the commodity increases. C) is always less than the market price of the commodity. D) is always greater than the market price of the commodity.
Between August 2007 and July 2008, Brazil exported more than 3.5 billion pounds of coffee to the rest of the world. This fact means that
A) Brazilian coffee workers "gain" from this trade. B) Brazilian producers "lose" from this trade. C) Brazilian consumers "gain" from this trade. D) Brazilian car manufacturers "lose" from this trade.
A change in interest rates ________, while a change in income ________ the real money demand schedule
A) decreases; increases B) has a large effect on; has no effect on C) moves the economy along; shifts D) shifts; moves along
If a firm sells 20 units of output at $15 per unit and 21 units of output when price is reduced to $14, its marginal revenue from selling the last unit is
A) $6. B) $21. C) $294. D) -$6.