Which figure above shows the effect of a decrease in the number of pizza sellers?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) Both Figure B and Figure C
C
You might also like to view...
The relative price of a good is
A) an opportunity cost. B) equal to the money price of a good. C) equal to the price of that good divided by the quantity demanded of the good. D) what you get paid for babysitting your cousin.
The economic inefficiency of a monopolist can be measured by the
a. deadweight loss. b. value of the unrealized trades that could be made if the monopolist produced the socially-efficient output. c. area above marginal cost but beneath demand from the monopoly output to the socially-efficient output. d. All of the above are correct.
An increase in the price of the good measured along the vertical axis will cause the budget line to
A. shift outward. B. shift inward. C. become steeper. D. become flatter.
In the above figure, the opportunity cost of moving from producing 75 guitars and 25 ukuleles to producing 25 guitars and 75 ukuleles is
A. 25 guitars. B. 25 ukuleles. C. 75 ukuleles. D. 50 guitars.