Suppose demand is given by Qxd = 50 ? 4Px + 6Py + Ax, where Px = $4, Py = $2, and Ax = $50. What is the quantity demanded of good x?
A. 46
B. 96
C. 72
D. 50
Answer: B
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A farmer has the ability to grow either corn or cotton or some combination of the two. Given no other information, it follows that the farmer’s opportunity cost of a bushel of corn multiplied by his opportunity cost of a bushel of cotton
a. is equal to 1. b. is greater than 1 but less than 2. c. is equal to 2. d. Not enough information is given to make this determination.
The rate at which two currencies can be traded for each other is called the ________ exchange rate.
A. flexible B. nominal C. real D. fixed
What is a reverse repurchase agreement? How does the Fed use reverse repurchase agreements to target the federal funds rate?
What will be an ideal response?
________ is an industry market structure with a small number of firms each large enough to impact the market price of its output.
A. An oligopoly B. Perfect competition C. A monopoly D. Monopolistic competition