A rightward shift of the demand curve will lead to a(n)
A) increase in equilibrium price.
B) excess demand at the old equilibrium price.
C) increase in quantity supplied.
D) All of the above.
D
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206If Smith and Jones devote all of their resources to producing computers, then the maximum number of computers they can produce in an hour is:
A. 10. B. 16. C. 6. D. 120.
Shaniq has seen two movies this week and two baseball games. Her marginal utility of one more movie is 20 and her marginal utility of one more baseball game is 30. Shaniq will go to a baseball game tonight, rather than to another movie
A) no matter how much more the baseball game costs compared to the movie. B) if the baseball game costs $10.00 and the movie costs $7.00. C) if the baseball game costs $10.00 and the movie costs $5.00. D) Both answers B and C are correct.
Optimal decisions are made at the point where marginal benefit is maximized
Indicate whether the statement is true or false
Why do historians argue that there was a mixture of enterprise, partly private and partly governmental, in building our transportation system?
(a) Private individuals took the initiative and were able to extract special privileges and financial assistance from government for the purpose of enhancing their profits. (b) Political leaders, who wanted transportation improvement for reasons of local or national ambition, took the initiative and coaxed private enterprise into building the transportation system by the offer of special financial advantages. (c) The sheer size of the investment required for a transportation system was beyond the capability of private enterprise alone. (d) All of the above ideas have been used by historians to explain the mixture of enterprise in building our transportation system.