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Author Archives: Anonymous

Which of these would be the graph of the two lines: y=6, x=2…

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.

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

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

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Which of these transactions is least likely to be affected b…

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

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The most immediate effect of the coronavirus lockdowns was t…

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

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If demand for a product rises, what happens to consumer surp…

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

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(Figure: Determining Surplus and Loss) In the market depicte…

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

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Suppose that the market price of a good is $22, and the equi…

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

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The Internet is an example of a technology that has _____ th…

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

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Suppose that a customer’s willingness to pay for a product i…

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?

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(Table: Production Possibilities Schedule) In the table, if…

(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

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