Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.25 per can, then what will be the market demand for soda per month?

A. 130 cans
B. 60 cans
C. 70 cans
D. 90 cans


Answer: A

Economics

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Economics

In the above figure, if the quantity is equal to 1,500,000 units, the deadweight is equal to

A) area A + area B. B) area C. C) area B + area F. D) area G + area H. E) None of the above answers is correct because the deadweight loss is equal to zero.

Economics

In a market economy, income is primarily determined by

a. the productivity of household resources b. the level of transfer payments c. government monetary and fiscal policy d. the geographic distribution of resources e. the amount of financial assets owned by households

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The following table shows the units of output a worker can produce per month in country A and country B. Country Food Electronics Country A 20 5 Country B 12 4 The opportunity cost of a unit of electronics in Country B is

A. 3 units of food. B. 2 units of food. C. 5 units of food. D. none of these.

Economics