Refer to the graph shown. If the price of this product fell from $5.00 to $2.50 (because of a price ceiling or a shift in demand), producer surplus would fall from:
A. 2,000 to 500.
B. 500 to 250.
C. 1,000 to 500.
D. 1,000 to 250.
Answer: D
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If the amount you owe on your house is less than the price of the house, you have
A) positive equity in your house. B) an adjustable-rate mortgage on your house. C) a reverse mortgage on your house. D) negative equity in your house.
A factor of production that can be easily changed in the relevant time period is called a
A) fixed input. B) temporary input. C) variable input. D) substitution input.
The belief that if you paid more for something it must be more valuable to you is known as:
A. projection bias. B. the sunk cost fallacy. C. the hot-hand fallacy. D. narrow framing.
Electronic banking does not include
a. credit cards. b. debit cards. c. smart cards. d. direct deposit of paychecks.