Other things constant, a decrease in the price of fertilizer will:
a. increase the supply of wheat
b. decrease the supply of wheat.
c. increase the demand for wheat.
d. decrease the demand for wheat.
a
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When a price control pushes the price of a good or resource below the market equilibrium, then
A) the quantity supplied will be greater than the quantity demanded of the good. B) a shortage of the good will develop. C) the scarcity of the good will be eliminated. D) a surplus of the good will develop.
Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question. Assume the price of Y is $1 per unit. If the price per unit of good X is $3, the consumer would maximize utility at point
A. A. B. B. C. C. D. D.
You consider yourself to be a rational consumer. The marginal utility/price ratio of coffee is 12 utils per dollar. If the price of a donut is $0.75, you should only buy the donut if it gives you at least
A) 16 utils of satisfaction. B) 9 utils of satisfaction. C) 12 utils of satisfaction. D) The answer cannot be determined with this information.
Suppose one of baseball's most ensuring records - the Pete Rose career hit total record - were on the line. Tickets to the games leading up to breaking of the record might command three times the face-value price for tickets. Economists would suggest that a scalping market would appear and it
A. would make all ticket holders and potential buys worse off. B. cause the price to fall below the face value. C. would make all ticket holders and potential buys better off (or at least no worse off). D. cause the price to fall back to the face value.