If the price of coffee increases from $2 per pound to $5 per pound, how does the quantity of coffee supplied by Juan change?
a. It decreases by 30 pounds per year.
b. It decreases by 50 pound per year.
c. It increases by 30 pounds per year.
d. It increases by 50 pounds per year.
d. It increases by 50 pounds per year.
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Suppose a social entrepreneur needs to raise money for a public good. He has to allocate his fund raising package to activities that persuade people of the importance of the public good and to activities that make people feel good about giving. As the population gets large, which of these do you think he will increasingly emphasize?
What will be an ideal response?
Hoe does etiquette help in transaction of goods between two parties?
Tasha is undecided about whether to sell her house or not. If the real estate agent comes to her with a $150,000 offer, she will not sell. If the offer is $175,000 . she will sell. Think of Tasha as one of hundreds of would-be sellers on the housing market. It illustrates that
a. the demand for real estate is unreliable b. Tasha's decision making reflects a market-day supply c. there must be an excess supply of homes d. the supply curve for homes is upward sloping e. the supply curve for homes is downward sloping
The firm maximizes economic profit by finding the rate of output at which total revenue ________ total cost ________
a. equals; all else constant b. plus; equals c. minus; equals zero d. exceeds; by the greatest amount.