Variables A and B are directly related. If we plot A on the horizontal axis and B on the vertical axis, the line that connects combinations of A and B in a two-variable diagram is
A) parallel to the horizontal axis.
B) downward-sloping (left to right).
C) parallel to the vertical axis.
D) upward-sloping (left to right).
E) a or c
D
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Recall the Application. The equilibrium price of pecans increased because the demand curve shifted
A) up and to the right. B) up and to the left. C) down and to the right. D) down and to the left.
At a competitive market equilibrium, if there are no taxes, subsidies, price regulations, quantity regulations, or externalities, i. consumer surplus is minimized. ii. marginal cost equals marginal benefit. iii. resources are efficiently used
iv. producer surplus is minimized. A) ii and iii B) i and ii C) i and iv D) i, ii, iii, and iv E) ii only
"John buys more of good X as his income increases, ceteris paribus," means
a. there is no cause-and-effect relationship between John's income and the quantity of good X he purchases if ceteris paribus applies b. John's demand for good X depends exclusively on income c. John's income and purchases of this good are being held constant d. the change in John's income is the only factor being considered in explaining the change in his purchase of good X e. the price of this good must have decreased in order for John to buy more of the good, regardless of changes in his income
A price support system:
a. establishes a price floor for a farm product b. results in a surplus c. is costly to taxpayers and consumers d. all of the above