In order to derive a demand curve for cheese, we would change
a. income and hold other things constant
b. tastes and hold other things constant
c. the price of other goods and hold everything else constant
d. the price of cheese and hold other things constant
e. the price of all goods, including cheese and hold other things constant
D
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In the figure above, the equilibrium market price is $20. $20 is the
A) marginal cost of the 150th unit. B) willingness to pay for the 1st unit. C) producer surplus. D) consumer surplus. E) deadweight loss.
Refer to Scenario 14.4. Suppose that the price of the product rises to $5. Which of the following curves shifts?
A) MP curve B) MRP curve C) Supply of labor curve D) Marginal expenditure curve
A monopolist finds the output (Q*) rate that maximizes profit. It finds the price by
A) taking the height of the marginal revenue curve at output rate Q*. B) taking the height of the marginal cost curve at output rate Q*. C) taking the height of the demand curve at output rate Q*. D) setting price equal to marginal cost.
When the government privatizes a common resource, it does all of the following except:
A. forces the owner to consider all the costs and benefits of their consumption choices. B. creates excludability. C. increases efficiency. D. increases undesirable side effects.