Demand refers to
A) how much of a good people are willing and able to buy at a particular price.
B) the different quantities of a good people are willing and able to buy at different prices.
C) the different quantities of a good people are willing and able to buy at a particular price.
D) how much of a good people are willing to buy at different prices.
E) none of the above
B
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Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day
What is the opportunity cost of 1 teapot in Arcadia? A) 2/3 of a surfboard B) 1.5 surfboards C) 40 surfboards D) 60 surfboards
The figure above shows the market for college education in the United States. If the government does not intervene in this market, the number of students going to college is ________ and the efficient number of students is ________
A) 13 million students per year; 16 million students per year B) 14 million students per year; 16 million students per year C) 10 million students per year; 14 million students per year D) 10 million students per year; 13 million students per year E) 14 million students per year; 10 million students per year
Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
All of the following, except one, help explain why specialization leads to greater production than is otherwise possible. Which is the exception?
a. It allows the organization of production in business firms. b. Specialization reduces the time lost in moving from one activity to another. c. As workers repeat an activity over and over, they hone their skills and become more expert. d. Specialization allows workers to be assigned to the activities for which they have the greater natural ability. e. The more often workers repeat an activity, the more stimulating and enjoyable they find it.