An increase in the price of steel will result in
A. a decrease in the prices of automobiles.
B. an increase in the cost of labor to produce automobiles.
C. an increase in the equilibrium quantity of automobiles.
D. a decrease in the supply of automobiles.
D. a decrease in the supply of automobiles.
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An economist observes two consumers in a supermarket. One of the consumers buys a case of Coca-Cola and the other buys a case of Pepsi-Cola. Both colas sell for the same price and the ages and incomes of the consumers are also the same
Based on this information, how would the economist explain the consumers' choices? A) Both consumers should have purchased less than a case because they would be able to buy more later. B) Both consumers should have considered buying other colas that had lower prices. C) Apparently, the consumers had different tastes. D) One of the consumers made the wrong choice, but it is impossible to say which one.
Refer to the indifference curve in Figure 3.3. Which of the following statements about marginal utility (MU) is correct?
A) MU(A) = 0. B) MU(B) = 0. C) MU(A) is negative. D) MU(B) is negative.
Which of the following is an example of capital?
a. a cheeseburger dinner b. a construction worker c. petroleum d. a factory e. an acre of farmlqnd
Refer to the information provided in Figure 3.18 below to answer the question(s) that follow.
Figure 3.18Refer to Figure 3.18 The market is initially in equilibrium at Point B. If demand shifts from D2 to D1, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.
A. $4.00 to $3.00; 250 to 350 B. $4.00 to $3.00; 350 to 250 C. $3.00 to $4.00; 350 to 250 D. $3.00 to $4.00; 250 to 350