Which of these would be the graph of the two lines: y=6, x=2?  Remember: this is two equations graphed together on the same set of axes.

If the price of a good rises above the equilibrium price:

Which of these transactions is least likely to be affected by a mismatch of information?

The most immediate effect of the coronavirus lockdowns was that it:

If demand for a product rises, what happens to consumer surplus, assuming supply holds steady, and the market sells at the equilibrium price?

(Figure: Determining Surplus and Loss) In the market depicted in the graph, a price floor of $8 would be effective.

Suppose that the market price of a good is $22, and the equilibrium price is $25. Compared to the market equilibrium:

The Internet is an example of a technology that has _____ the production possibilities frontier.

Suppose that a customer’s willingness to pay for a product is $5, and the seller’s willingness to sell is $2. If the negotiated price is $3, what is the producer surplus?

(Table: Production Possibilities Schedule) In the table, if society wants to increase production of HDTVs from 1,000 units to 2,000 units, the opportunity cost of doing so will be: iPads HDTVs 5,000 0 4,500 1,000 3,500 2,000 2,000 3,000 0 4,000