Suppose the market for shoes consists of three consumers. The table below shows the quantity demanded at various prices for each consumer:Price PerPairPairs Demandedby PatPairs Demandedby LeighPairs Demandedby Chris$100010$75031$50173$302105At $100 per pair, market demand:
A. is less than the quantity supplied.
B. is the same as Leigh's demand.
C. intersects the y-axis.
D. intersects the x-axis.
Answer: B
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Indicate whether the statement is true or false
Molly needs 30 minutes to wash the car and 45 minutes to mow the lawn. Renee needs 1 hour to wash the car and 2 hours to mow the lawn. Which of the following statements is correct?
a. Molly should specialize in both tasks. b. Renee should specialize in both tasks. c. Each woman should specialize in the task in which she has the absolute advantage. d. Absolute advantage is not an appropriate guide for determining specialization. e. Neither woman should specialize.
If New York City expects that an increase in bus fares will raise mass transit revenues, it must think that the demand for bus travel is:
A. elastic. B. unit elastic. C. inelastic. D. perfectly inelastic.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.