Refer to the figure below. If Laura and Chris are the only two consumers in this market, then when the price of hamburger decreases from $2.50 to $2.00 per pound, the quantity demanded in the market will ________ by ________ pound(s) per week. 
A. increase; 1.5
B. decrease; 1
C. decrease; 1.5
D. increase; 1
Answer: A
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Arnold Harberger was the first economist to estimate the loss of economic efficiency due to market power. Harberger found that
A) the loss of economic efficiency in the U.S. economy due to market power was small around 1973, about 1 percent of the value of production, but has since grown to about 10 percent. B) because of the increase in the average size of firms since World War II, the loss of economic efficiency has been relatively large, about 10 percent of the value of total production in the United States. C) the loss of economic efficiency in the U.S. economy due to market power was less than 1 percent of the value of production. D) although the number of monopolies was small, the large number of other non-competitive firms in the United States resulted in a large loss of economic efficiency, about 20 percent of the value of total production.
Which of the following would be the most accurate description of demand for health care? a. perfectly elastic
b. relatively elastic c. relatively inelastic d. perfectly inelastic
Who gains in a voluntary trade?
A) the buyer only B) both the buyer and the seller, but the seller usually gains more C) the seller only D) both the buyer and the seller
The opportunity cost of any factor of production is
A) its accounting cost. B) the benefit forgone by not using it in its worst alternative. C) the money actually paid to the factors of production. D) its explicit cost. E) the benefit forgone by not using it in its best alternative.