In the above figure, at the equilibrium price and quantity, producer surplus is ________
A) $90
B) $60
C) $45
D) $30
D
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The amount of the external marginal cost per ton illustrated in the above figure is
A) $8.00 per ton. B) $12.00 per ton. C) $16.00 per ton. D) zero because no external cost is illustrated.
Pam graduates from law school and gets a position in a law firm. At the same time the price of hamburger falls while other food prices have stayed the same. She notices that she buys less hamburger than she did before
Is she violating the law of demand? A) Yes, since she is buying less hamburger at a lower price. B) Yes, since she is buying less hamburger in a relatively short period of time and we wouldn't expect her tastes to have changed. C) No, since the law of demand refers to relative price changes and the price of hamburger falling is an absolute price change. D) No, since other things are not held constant, such as her income.
Technology spillovers: a. Are caused by patents
b. Can lead to clustering of technology firms near one another. c. Are examples of negative externalities. d. All of the above are true.
Which of the following would make both the equilibrium real interest rate and the equilibrium quantity of loanable funds increase?
a. The demand for loanable funds shifts right. b. The demand for loanable funds shifts left. c. The supply of loanable funds shifts right. d. The supply of loanable funds shifts left.