A ________ curve shows how many units of a good or service consumers are willing to buy at various prices, and a ________ curve shows how many units of a good or service sellers are willing to offer for sale at various prices
Fill in the blank(s) with correct word
demand; supply
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Elaine values the utility of her first cup of coffee at $1; a second cup, $.75; and a third cup, $.50 . If Elaine drinks three cups of coffee for breakfast, her marginal utility is equal to
a. $.50, the value of her last cup of coffee. b. $1.00, the value of her first cup of coffee. c. marginal utility. d. $2.25. e. $1.50.
A profit-maximizing price searcher will expand output to the point where
a. total revenue equals total cost. b. marginal revenue equals marginal cost. c. price equals average total cost. d. price equals marginal cost.
Which of the following is not associated with an adverse supply shock?
a. the short-run Phillips curve shifts left b. unemployment rises c. the price level rises d. output falls
If the price of flashlights in production increases, then supply of ______ would most likely increase.
a. batteries b. pencils c. olive oil d. iron ore