Exhibit 5-4 Demand curves for silver ​ Assume that a wealthy buyer, Mr. Hunt, declares that he will purchase any amount of silver at a price of $125 per ounce. In Exhibit 5-4, which graph illustrates the shape of the demand curve for silver?

If the current price of a good is the same as that found at the intersection of the market demand and supply curves, then:

If a revenue-maximizing firm is told that the price elasticity of demand is equal to one, it should:

As the period for firms to expand output is lengthened, the elasticity of the supply curve will:

Exhibit 6-4 Total utility for multiplex tickets, video rentals, and popcorn In Exhibit 6-4, assume the Multiplex tickets cost $6 each, video rentals cost $2 each, and bags of popcorn cost $1 each. Suppose the consumer has $12 per week to spend on multiplex tickets, video rentals, and popcorn. What combination of goods will give the consumer the most utility?

During the short-run period of the production process, a firm will be:

If a decrease in the price of good Y causes the demand for good Z to decrease, this indicates that:

Monetary payments to nonowners of a firm are called:

Assuming the demand curve is more elastic (flatter) than the supply curve, which of the following is true?

A surplus means a(n):