The utility from a specific product is
A. determined by a consumer's income.
B. constant as one consumes more units of it.
C. determined by the price of the product.
D. a measure of one's preference or taste for it.
Answer: D
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The quantity supplied of corn is the number of bushels that corn farmers want to sell under the current market conditions, while the supply of corn is a set of price-quantity pairs showing the amounts that farmers wish to sell at various hypothetical prices. According to the law of supply, a rise in the price of corn will cause a rise in the quantity supplied of corn. Non-price factors that positively affect corn growers (such as improved weather conditions, better agricultural technology, and lower costs of fertilizer, seed, labor, and other inputs) would cause a rise in the supply of corn. A rise in quantity supplied is shown by moving up and to the right along the supply curve, and a rise in supply is shown by shifting the supply curve down and to the right.
What will be an ideal response?
Refer to the figure above. Which of the following is likely to happen if a price control of $80 is imposed in the market?
A) There will be a surplus of 25 units in the market. B) There will be a shortage of 25 units in the market. C) There will be a surplus of 10 units in the market. D) There will be a shortage of 10 units in the market.
Which of the following is a disadvantage of using debit cards? a. Debit cards are unsafe for use
b. Debit cards do not provide a grace period between a purchase and required payment. c. Debit cards delay payments. d. Debit cards are not not easy to use. e. Debit cards make purchases more expensive than they actually are.
If the elasticity of supply of a good is equal to 0.62, then we can say that the supply curve for the good is: a. elastic
b. inelastic. c. perfectly elastic. d. perfectly inelastic.