Judy is planning to sell an antique grandfather clock that she values at $200. If she sells the clock on Craigslist, it will be bought by someone who values it at $450. If she uses an antique dealer to sell the clock, it will be bought by someone who values it at $850. The antique dealer will charge Judy $100 to sell the clock, which just covers the antique dealer's opportunity cost of selling the clock. Relative to selling the clock on Craigslist, selling the clock through an antique dealer will lead:
A. to no change in total economic surplus.
B. total economic surplus to increase by $400.
C. total economic surplus to increase by $300.
D. total economic surplus to decrease by $100.
Answer: C
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An independent variable:
A) cannot be measured. B) cannot be represented on a bar chart. C) is manipulated by the experimenter in an experiment. D) in an experiment is determined by the other variables.
Using the below graph give the slopes of the straight lines tangent to the curve at points A, B, and C
Please provide the best answer for the statement.
If the quantity supplied is perfectly inelastic then quantity does not respond to price changes.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is at Point A, a sudden decrease in the price of oil without any change in the aggregate demand shifts the short-run Phillips curve (SRPC) from
A. SRPC3 to SRPC1. B. SRPC1 to SRPC2. C. SRPC2 to SRPC1. D. SRPC1 to SRPC3.