Refer to the figure below. At a price of $9, there will be:
A. an excess supply of 5 units.
B. an excess demand of 1 unit.
C. an excess demand of 5 units.
D. an excess supply of 6 units.
Answer: A
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Comment on the following statement: "In the short run, a firm's total costs will be zero if the firm chooses to produce nothing."
What will be an ideal response?
Refer to Figure 4-1. If the market price is $1.00, what is the consumer surplus on the fourth burrito?
A) $0 B) $0.50 C) $1.50 D) $2.25
An example of someone who irrationally considers sunk costs when making a decision is most likely:
A. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game in the freezing rain without a jacket. B. a family that pays $20 to enter a state park for the day and stays all day. C. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game enjoying himself. D. a family that pays $20 to enter a state park for the day and leaves after an hour.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.