7 ECON201 Questions

Question 21 of 28

5.0 Points

 A.greater than 1 (absolute value).

 B.-1.

 C.-0.71.

 D.-0.29.

Question 22 of 28

5.0 Points

 A.the price of apples is $0.80 and the quantity demanded is Q1.

 B.the equilibrium price ensures that quantity demanded will match quantity supplied.

 C.the equilibrium price ensures that there will be neither surpluses nor shortages.

 D.all of the above are true.

Question 23 of 28

5.0 Points

 A.less than $0.80.

 B.equal to $0.80.

 C.greater than $0.80.

 D.equal to the average cost of producing apples.

Question 24 of 28

5.0 Points

 A.the marginal decision rule.

 B.the law of demand.

 C.the law of supply.

 D.the law of increasing cost.

Question 25 of 28

5.0 Points

 A.It is the price the producer receives.

 B.It is the price the consumer receives.

 C.It is the price the producer pays.

 D.It is all of the above.

Question 26 of 28

5.0 Points

 A.It is greater than the price.

 B.It is the value that must be given up to produce an extra pound of apples.

 C.It must be less than the price.

 D.It is the cost of the least satisfactory apples.

Question 27 of 28

5.0 Points

 A.where the marginal benefit of apples is again equal to the marginal cost.

 B.of $0.70.

 C.where an efficient solution is again achieved.

 D.that is described by all of the above.