If the price of coffee is $2 a pound, how much is Juan willing to supply per year?
a. 10 pounds
b. 30 pounds
c. 50 pounds
d. 70 pounds
b. 30 pounds
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"Allocative efficiency in the production of cherries means that consumers can eat all of the cherries they desire." Is this statement true or false? Explain your answer
What will be an ideal response?
The price elasticity of demand is equal to the slope of the demand curve
a. True b. False
Which of the following would economic freedom lead to?
a. A higher standard of living b. Better living conditions c. Longer life expectancy d. Better education e. All of these
Consumers should allocate their income so that the marginal utility associated with the:
a. first dollar spent is equal for all goods. b. last dollar spent is equal for all goods. c. last dollar spent is lower for high-priced items than for low-priced items. d. first dollar spent is greater for high-priced items than for low-priced items. e. first dollar spent is less for high-priced items than for low-priced items.