If Billy's reservation price on a snowboard is $250, how many snowboards would he buy if the market price of snowboards is $500?
A. 0
B. 1
C. 2
D. The amount of snowboards purchased would depend on Billy's income.
Answer: A
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Consider the two economies of Lithasia and Barylia. Economic agents in Lithasia have coordination and incentive problems, while in Barylia social surplus is maximized
Which economic system does each of these economies most likely have? Explain your answer.
The chain weighted system adjusts price weights every 10 years
Indicate whether the statement is true or false
If a country has a total fertility rate of 1.8, then all else equal we would expect:
A. population in that country to rise over time. B. population in that country to fall over time. C. the replacement rate to also equal 1.8. D. the population to remain stable over time.
A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is:
A. .3 B. .67 C. 1.50 D. 3.33