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True or false? Resource suppliers tend to be more willing and able to supply the resource as its price increases.
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- Flora and fana are examples of resources. True or falseAn economist estimates the value of a nature preserve by calculating the price premium people pay for houses located adjacent to the preserve. This is an example of what type of economic valuation? a. Hedonic pricing b. Replacement cost methods c. Contingent valuation d. Travel cost models e. Defensive expendituresImplementation of carbon pricing in the gasoline market would cause ______ shift of the supply curve, leading to a ______ equilibrium quantity of gasoline and a ______ equilibrium price. A. an outward; lower; higher B. an outward; higher; lower C. an inward; lower; higher D. an inward; higher; lower
- In your own words, clearly distinguish and differentiate why economists say all resources are scarceIf the equilibrium quantity in a competitive market is 25, but society (by some means) buys and sells a total of 41 units, then an inefficiency is caused by the exchange of 16 units.True or FalseIllegal fishing activities are an indication of inefficient resource allocation. Do you agree with this statement? Explain your answer.
- In 2013, Cher sold her Malibu Mansion for $45 million (Links to an external site.). It was originally listed for $49 million but no one offered to buy at that price. The price was lowered to $45 million and still no buyers. The interior of the house was remodeled and the house was relisted. Eventually Beyonce bought the house for $45 million (Links to an external site.). Which option is correct? This is an example of Relocation of the location of a good from low to high valued use or relocation of the legal ownership of the good from low to high valued. Revealed Preference tells us Beyonce valued Chers mansion More than 49 million, less than 45 million, between 45 and 49 million? In this example, Cher Valued the good more or valued the good less than Beyonce. In 2018, the swine flu spread throughout China (Links to an external site.). China accounted from more than half of the global pig population before the swine flue and, as a result of the flu, 40% of the Chinese pig population…A decrease in the productivity of a resource will decrease the demand for that resource. true or false?The market system operates via prices. Discuss how through prices a finite resource like crude oil will never really be exhausted, which will then make that resource seem infinite
- Assuming this market is at equilibrium, the total opportunity cost is $. a. 9 b. 12 c. 21 d. 54 e. 72 f. 102 g. 126 h. 144 i. 156 j. 228 k. 252Compare and contrast decision making in general and decision making when there is a resource constraintTrue or false: keeping his maximum willingness to pay for a yacht in mind, Tim will buy the yacht because it will be worth more to him than its market price of $350,000
