MSB equals
A) MC + the marginal external cost.
B) MC + the marginal external benefit.
C) MB + the marginal external cost.
D) MB + the marginal external benefit.
E) MB + MC.
D
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Daniella notices that the price of a Lyft home from work today is $14, though it is usually $9. She chooses to take the bus instead, even though the bus is always crowded and it takes her three times as long to get home. This is an example of the ______ effect.
a. income b. substitution c. marginal utility d. endowment
The price of cotton rises. What happens in the market for cotton shirts?
A) The equilibrium price falls and the equilibrium quantity rises. B) The equilibrium price rises and the equilibrium quantity falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.
How have companies like Uber and Lyft affected the ride-sharing market?
A. Price and quantity of the rides have decreased. B. Price of the rides increased, and the quantity of rides have decreased. C. Price and quantity of the rides have increased. D. Price of the rides decreased, and the quantity of rides have increased.
Refer to the above table. What is the absolute price elasticity of demand when a price rises from $8 to $8.50?
A. 1.94 B. 5.15 C. 0.194 D. 0.515