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
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Answer the next question(s) based on the following supply and demand schedules in units per week for a product.PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100The government's introduction of a guaranteed price floor of $50 will result in
A. a shortage of 200 units. B. an unstable market. C. a surplus of 200 units. D. no shortage or surplus.
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.
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
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.