Figure 21-3 In each case, the budget constraint moves from BC-1 to BC-2. Refer to Figure 21-3. Which of the graphs in the figure could reflect a simultaneous decrease in the price of good X and increase in the price of good Y? (i) graph a (ii) graph b (iii) graph c (iv) graph d

Marcus sells 300 candy bars at $0.50 each. His total costs are $125. His profits are

Assume that a 4 percent decrease in income results in a 6 percent increase in the quantity demanded of a good. The income elasticity of demand for the good is

Suppose that a steel factory emits a certain amount of air pollution, which constitutes a negative externality. If the market does not internalize the externality,

A movement downward and to the right along a demand curve is called a(n)

The equilibrium quantity in markets characterized by oligopoly is

If one person’s use of a good diminishes another person’s enjoyment of it, the good is

Carol Anne makes candles. If she charges $20 for each candle, her total revenue will be

Figure 6-4 Refer to Figure 6-4. Which of the following statements is NOT correct?

Figure 15-5 Refer to Figure 15-5. Profit on a typical unit sold for a profit-maximizing monopoly would equal