To construct a supply curve, an economist needs data on price and quantity. Each point on the supply curve is
a. supply of the product.
b. a quantity supplied at that price.
c. the amount that people want to buy.
d. the amount people want to sell to buyers of different incomes.
e. All of the above are correct.
b
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Describe some of the causes of urban giantism in developing countries
What will be an ideal response?
Give 3 reasons for deviations from IRP. Do these deviations indicate unexploited profit opportunities for investors?
What will be an ideal response?
Rich lost his job six months ago because of budget cuts at the county landfill where he worked. He tried finding another job, but has not actively searched for work for three months. Rich would be considered by the Bureau of Labor Statistics to be
a. frictionally unemployed and would be counted in the official unemployment rate b. seasonally unemployed and would be counted in the official unemployment rate c. structurally unemployed and would be counted in the official unemployment rate d. cyclically unemployed and would be counted in the official unemployment rate e. a discouraged worker
Suppose Brent, Callie, and Danielle each purchase a particular type of electric pencil sharpener at a price of $20 . Brent's willingness to pay was $22, Callie's willingness to pay was $25, and Danielle's willingness to pay was $30 . Which of the following statements is correct?
a. Had the price of the pencil sharpener been $24 rather than $20, only Danielle would have been a buyer. b. Brent's consumer surplus is the smallest of the three individual consumer surpluses. c. For the three individuals together, consumer surplus amounts to $60. d. The fact that all three individuals paid $20 for the same type of pencil sharpener indicates that each one placed the same value on that pencil sharpener.