Refer to Figure 3-4. At a price of $20, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
C
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Which of the following is false?
a. Products with more close substitutes have more elastic demand b. The demand for any individual brand is less elastic than industry aggregate demand c. Products with many complements have less elastic demand d. In the long run, demand curves become more elastic
Because GDP does not fully account for improvements in the quality of goods,
a. the inflation rate is understated and real GDP is overstated. b. the inflation rate is overstated and real GDP is understated. c. both the inflation rate and real GDP are overstated. d. both the inflation rate and real GDP are understated.
Refer to the above table about a free market of earbuds. When the quantity demanded is 3000 earbuds and the quantity supplied is 1500 earbuds, the market price of earbuds will likely
A. increase to $12. B. stay unchanged at $10. C. decrease to $8. D. decrease to $6.
What is the relationship between marginal utility and total utility? What happens to total utility as marginal utility declines?
What will be an ideal response?