The willingness to pay of buyers' in a market:
A. explains why the demand curve is bowed-out.
B. is represented by the supply curve.
C. explains why the demand curve is bowed-in.
D. is represented by the demand curve.
Answer: D
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A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a
A) right-to-work law. B) closed-shop. C) union shop. D) voluntary craft union.
With reference to the graph above, if the intended aim of the price ceiling shown was a net increase in the well-being of consumers, then positive analysis would conclude:
A. the policy was effective, since area A + C is larger than B + D.
B. the policy was effective, since area B is smaller than area D.
C. the policy was ineffective, since D is larger than E.
D. the policy was ineffective, since A + C + D is larger than B + E.
The price elasticity of supply is higher when
A. producers have less time to adjust to price changes. B. the product in question is a complementary good. C. the number of producers in the market increases over time. D. the number of buyers in the market increases.
Given the above figure, when David eats a third piece of pizza his marginal utility is ________ and his total utility is ________.
A. rising; falling B. falling; falling C. falling; rising D. rising; rising