The figure above shows the market for coffee. If 10 million pounds of coffee a month are available, the ________ price that consumers are willing to pay for the last pound is ________
A) maximum; $2.00
B) maximum; $3.50
C) minimum; $2.00
D) minimum; $3.50
B
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Economists Cade Massey and Richard Thaler analyzed whether teams in the National Football League distributed salaries efficiently. Massey and Thaler found that
A) both rookie players and veteran players are paid less than the value of their marginal products because of the lack of competition among teams. B) veteran players who sign as free agents are paid more relative to their marginal products than rookie players selected in the first round of the draft. C) rookies are paid salaries greater than their marginal products; veteran players are paid salaries less than their marginal products. D) the first few players selected in first round of the NFL draft are paid much higher salaries relative to their marginal products than players drafted later in the first round.
In the presence of asymmetric information, a contingent contract
A) achieves production efficiency. B) can lead to opportunistic behavior on the part of the agent. C) is impossible to write. D) will result in the principal earning all of the profit.
_____ established the first American colonies in the early 1500s
a. England b. The Low Countries c. France d. Spain
A highly technical product is more likely to be sold by mass advertising as it signals to the consumers that the product is of dependable quality
Indicate whether the statement is true or false