If 20 smoothies are sold at a market price of $5.50 each, then
a. there must not be an excess supply of smoothies
b. selling the 21st smoothie would be a Pareto improvement
c. the market must be perfectly competitive
d. the value to some individual of the 20th smoothie is $5.50
e. there must be an excess demand for smoothies
D
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To aggregate 300 tons of steel, 5,000 bushels of wheat, and 1 million barrels of crude oil, economists add together the ________ of the three products
A. number of tons, bushels, and barrels B. units C. weight D. dollar value
Average cost is the cost of producing the next unit.
Answer the following statement true (T) or false (F)
A bond has a face value of $10,000, a price of $12,000, and coupon payments of $2000 for two years. The coupon rate of this bond is
A) 10%. B) 16.7%. C) 20%. D) 30%. E) none of the above
Refer to the information provided in Figure 5.5 below to answer the question that follows.
Figure 5.5Refer to Figure 5.5. As the price of good W increased, the demand for good Y shifted from D1 to D2. The cross-price elasticity of demand between W and Y is
A. negative. B. zero. C. positive. D. indeterminate from this information.