The accompanying figure below shows a single consumer's demand for ice cream at the student union.
During a regular semester, there are 500 students on campus. Each student's weekly demand for ice cream is shown above. When the price of ice cream is $2.00 per scoop, those 500 students purchase a total of ________ scoops per week from the student union.
A. 2,500
B. 3,000
C. 2,000
D. 5,000
Answer: B
You might also like to view...
Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. Which of the following gives the function for the marginal social cost?
A. MSC = 1,200 - 4Q B. MSC = 800 + 4Q C. MSC = 1,200 + 4Q D. MSC = 800 - 4Q
In our simple trade model, having a comparative advantage in a product implies that a country will specialize completely in the product
A) with the highest opportunity cost. B) with the lowest opportunity cost. C) where total output is lower per worker-hour. D) where total output is greater per worker-hour.
Arguably the simplest voting system is:
A. pair-wise majority voting. B. instant runoff voting. C. approval voting. D. first-past-the-post voting.
Answer the following questions true (T) or false (F)
1. Consider a country that produces only two goods: parrots and iguanas. Suppose it is impossible for this country to increase its production of parrots without producing fewer iguanas. In this case, its current output combination is efficient. 2. Any output combination along a production possibilities frontier is associated with fully utilized resources. 3. A decrease in population shifts the production possibilities frontier outwards over time.