Based on the answer above, the price for bus rides _____________ and the quantity demanded for bus rides ____________
a. Increase; increase
b. Increase; decrease
c. Decrease; increase
d. Decrease, decrease
d
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The increase in output that results when one more unit of a variable input is hired is called
A) total physical product. B) marginal physical product. C) average physical product. D) marginal revenue.
If Option A costs $40 and yields 20 units of output, and Option B costs $50 and yields 30 units of output,
A) Option B and Option A are equally economically efficient. B) Option B is economically efficient relative to Option A. C) Option A is economically efficient relative to Option B. D) It is not possible to determine which option is more economically efficient.
Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point C to Point A, there has been
A. an increase in quantity demanded and a decrease in supply. B. an increase in demand and an increase in supply. C. an increase in demand and an increase in quantity supplied. D. an increase in quantity demanded and an increase in supply.
Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is Dave's real income in terms of magazines?
A) 20 B) 40 C) 200 D) 10