Refer to Table 3-2. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews falls from $4 to $2, the market quantity demanded would
A) increase by 28 lbs. B) decrease by 36 lbs. C) decrease by 28 lbs. D) increase by 36 lbs.
D
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The figure above shows the market for iPods. Which of the following shifts the demand curve from D0 to D2?
A) a decrease in the price of iPods B) a decrease in the price of Zunes, a substitute for iPods C) an increase in the price of iPods D) a decrease in people's incomes if iPods are a normal good E) a requirement that all students at universities have an iPod
Refer to Figure 4.1. The dominant strategy for Theodore is
A) Left. B) Right. C) both Left and Right. D) Theodore does not have a dominant strategy.
Between 1975 and 2011, the wage gap between men with a high school education and men with a college education increased. In particular, in 2011 men with a college degree earned about
a. 10% more than men with a high school education. b. 25% more than men with a high school education. c. 75% more than men with a high school education. d. 90% more than men with a high school education.
The supply curve of a one-of-a-kind original painting is:
A. relatively elastic. B. relatively inelastic. C. perfectly inelastic. D. perfectly elastic.