Which of the following examples would be shown on a market supply curve?
a. A cotton grower in Mississippi would supply 400 pounds of cotton at $3 per pound.
b. Mark’s farm would supply 500 pound of cotton per year at $5 per pound.
c. FDK, Inc. would supply 1,000 pounds of cotton per year at $5 per pound.
d. All U.S. cotton growers would supply 50 billion pounds of cotton per year at $6 per pound.
d. All U.S. cotton growers would supply 50 billion pounds of cotton per year at $6 per pound.
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Classify the following goods as private goods, common pool resources, club goods, or public goods
a. Health insurance b. Radio spectrum c. A video on YouTube d. A mosquito control program in a city e. A library's collection of e-books
Game theory assumes that players in the game act
a. Rationally b. Optimally c. In their own self-interest d. All the above
Barter requires:
a. that the exchanged goods be portable. b. that the exchanged goods be durable. c. a coincidence of wants. d. that the exchange medium be divisible. e. an effective middleman.
If muffins and bagels are substitutes, a higher price for bagels would result in a(n)
a. increase in the demand for bagels. b. decrease in the demand for bagels. c. increase in the demand for muffins. d. decrease in the demand for muffins.