Suppose the market clearing price is $15 and the price ceiling is $17. The price that prevails in the market will be
A) $17.
B) $15.
C) less than $15.
D) more than $17.
B
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If Paul decides to buy a $60 ticket to a Cirque du Soleil show rather than a $45 ticket for a Blue Man Group performance, we can conclude that
A) the marginal utility per dollar spent on Cirque du Soleil is higher than the marginal utility per dollar spent on Blue Man Group. B) the marginal utility per dollar spent on Cirque du Soleil is lower than the marginal utility per dollar spent on Blue Man Group. C) Paul is not making a rational choice. D) Paul's demand for a ticket to see Cirque du Soleil is more elastic than his demand for a ticket to see Blue Man Group.
Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice
She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.
Money market mutual funds (MMMFs) accounts are
a. M1 money b. M2 and gold backed paper c. gold backed paper d. near money e. not money
Assume that a consumer has a given budget or income of $12, and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75. Refer to the information given above. If the consumer decides to buy 4
apples, how many bananas can she also buy with the remainder of her budget? A. 8 bananas B. 4 bananas C. 6 bananas D. 10 bananas