A move from I to J best represents a
A. change in quantity demanded.
B. change in demand.
C. increase in demand.
D. decrease in demand.
B. change in demand.
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In the above figure, at the equilibrium price and quantity, producer surplus is ________
A) $90 B) $60 C) $45 D) $30
Explain how the courts have ruled on price fixing
What will be an ideal response?
If Korea's average annual growth rate is 9 percent and that of the United States is 4 percent, the time required for Korea's real GDP to double will be ____ less than the time required for the GDP of the United States to double
a. 3 years b. 6 years c. 12 years d. 15 years e. 10 years
The price of hamburgers is $2 and the price of brownies is $4. The consumer has $14 of income. The consumer is purchasing 3 hamburgers and receiving 30 utils for the last hamburger. He is also purchasing 2 brownies and receiving 40 utils for the last brownie. This set of goods
A. is an optimum since the entire income is spent and total utility is maximized. B. is not an optimum because the marginal utility per dollar spent is greater for hamburgers than for brownies. C. is not an optimum because the consumer has not spent all of his money. D. is an optimum since the entire income is spent and the marginal utility per dollar spent is the same for the last unit of each good.