Refer to Figure 3.2, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 350, the price must be:
A. $10.
B. $20.
C. $30.
D. $40.
Answer: D
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According to the principle of increasing costs, as the production of one good expands, the opportunity cost of producing another unit of the good tends to increase.
Answer the following statement true (T) or false (F)
Assume that the marginal propensity to consume in an economy is 0.75. If the economy's full-employment real GDP is $900 billion and its equilibrium real GDP is $800 billion, there is a recessionary expenditure gap of
A. $133 billion. B. $25 billion. C. $100 billion. D. $400 billion.
A "stair-like" market supply curve is the result of
A) higher cost firms charging a higher price for their products. B) firms having different costs. C) firms shutting down in the long run. D) average variable costs that are higher than average fixed costs.
"Rising prices" and "rising inflation" mean the same thing
a. True b. False