Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same.
B. at any of the labeled points, as all of the points represent an efficient allocation of resources.
C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced.
D. indeterminate from this information, as we don't have any information about the society's desires.
Answer: D
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The number of pre- and post-policy visitors, V1 and V2, (in thousands) is ____ and _____, respectively.
A collaborative federal and state program has been proposed in response to acid rain damagein Newport Bay, Maryland. To estimate the incremental benefits of the program, you use thetravel cost methodbasedupon the following pre- and post-policy recreational demand functions: Pre-policy: P = 62 – 0.02V1 Post-policy: P = 80 – 0.02V2, where V is the number of visitors (in thousands) and P is the admission fee. Assume the admission fee is set at $20 per visitor. a. 2,100; 3000 c. 61.6; 79.6 b, 44,100; 90,000 d. none of the above
Suppose that the price of a bag of jellybeans is $6, and the price of a bottle of cola is $2. The relative price of cola is
A) 3 bags of jellybeans per bottle of cola. B) 2 bags of jellybeans per bottle of cola. C) 1/3 bag of jellybeans per bottle of cola. D) $2.
The equilibrium price is best defined as the price at which: a. demand is smaller than supply
b. suppliers want to supply more goods. c. demanders want to buy more goods. d. quantity demanded is equal to quantity supplied. e. the quantity demanded increases.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.