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

Suppose the price of a DVD rose from $15 to $17 and the quantity demanded decreased from 1,000 per month to 900 per month. Using the midpoint formula, the ________ percent change in price lead to a ________ percent change in the quantity demanded.

Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply.