A buyer is said to have a demand for a good only when
A. The buyer is not willing to buy the good and does not have enough income to purchase the good.
B. The buyer has the income but the good is not preferred.
C. The buyer is both willing and able to purchase the good.
D. An adequate supply of the good is available for purchase.
Answer: C
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When the price of a good decreases,
A) supply increases. B) supply decreases. C) quantity supplied increases. D) quantity supplied decreases.
Which of the following is a positive statement?
A) Taxes should be lower because then people get to keep more of what they earn. B) My economics class should last for two terms because it is my favorite class. C) A 10 percent increase in income leads to a 4 percent increase in the consumption of beef. D) Given their negative impact on productivity, the government should eliminate labor unions.
Refer to the graphs shown. The relevant market is corn. The impact of a poor corn harvest on the market for corn would most likely be demonstrated by which graph?
A. Graph a B. Graph b C. Graph c D. Graph d
Refer to the information provided in Table 8.6 below to answer the question(s) that follow.
Table 8.6
Refer to Table 8.6. If the firm is in a perfectly competitive industry with a market price of $15 per unit, the firm will produce ________ units and earn a profit of ________.
A. four; $10 B. five; $15 C. four; -$10 D. three; $10