Suppose you make jewelry. If the price of gold falls, then we would expect you to

Jeff decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700. How much did Jeff pay for his computer?

Figure 10-8 Refer to Figure 10-8. What is the equilibrium price in this market?

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