Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. In this market there will be an excess supply of 500 cheeseburgers at a price of
A. $5.
B. $6.
C. $8.
D. $9.
Answer: C
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The midpoint method for calculating elasticities is convenient in that it allows us to
a. ignore the percentage change in quantity demanded and instead focus entirely on the percentage change in price. b. calculate the same value for the elasticity, regardless of whether the price increases or decreases. c. assume that sellers' total revenue stays constant when the price changes. d. restrict all elasticity values to between 0 and 1.
Which of the following is not possible?
a. Demand is elastic, and a decrease in price causes an increase in revenue. b. Demand is unit elastic, and a decrease in price causes an increase in revenue. c. Demand is inelastic, and an increase in price causes an increase in revenue. d. Demand is perfectly inelastic, and an increase in price causes an increase in revenue.
Assume a firm closes down in the short run and produces no output. Under these conditions:
A. TVC is positive, but TFC and TC are zero. B. TFC is positive, but TVC and TC are zero. C. TFC and TC are positive, but TVC is zero. D. TFC, TVC, and TC will all be positive.
With respect to wealth in the United States, we presently find that the bottom 90 percent of Americans own approximately how much of the nation's wealth?
A. 65 percent B. 85 percent C. 30 percent D. 10 percent