Assume that the U.S. and Japan can switch between producing airplanes and cars at a constant rate.     Refer to the table above.  The opportunity cost of 1 airplane for Japan is

The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar rises from $65 to $75, the market quantity demanded would

Figure 2-5   Refer to Figure 2-5. Inefficient production is represented by which point(s)?

In the production possibilities model, the vertical axis measures ________ and the horizontal axis measures ________.  

The figure above shows the market for sports drinks. Consider this statement: regarding the figure:        “If the price falls from $3 to $1 per bottle, quantity demanded changes from 10 to 25 bottles.” Which of the following states the same idea ?

Suppose Katie, Mark, and Bobby are the only consumers in the market for ice cream. Using the demand schedules in the table above, at a price of $4, the quantity demanded in the market would be

Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the  

The above figure shows the production possibility frontier for a country. Suppose the country is producing at point D. What is the opportunity cost of increasing the production of rice to 15 tons?

Figure 2-8   Refer to Figure 2-8. Efficient production is represented by which point(s)?

At a price of $20, Lori sells 35 knitted scarves per week. When she raised her price to $25, she sold 28 per week. Based on this information, the demand for her knitted scarves is