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- 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. 252In a market economy, decisions are guided by individual self-interest. What impact does this have? Question 6 options: There is more need for a strong legal system to control individual greed. There is a strong need for government intervention in the market. There is less efficiency in market economies than in command economies. There is still the ability to achieve desirable economic well-being for society as a whole.When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
- Answer the questions on the right based on the following scenario: Pearl Market Scenario: You go on vacation for 14 days to an island in the middle of the ocean that is known for selling beautiful pearls. On day 1 of your vacation, you buy 10 small pearls for $10 from the 100 pearls available. The next day, there is a storm that destroys the boats in the area, including the pearl divers’ boats. The day you leave, you return to the pearl market and ask to buy 1 more pearl. a. Do you think that the price of pearls will increase, decrease or stay the same? Why? b. Draw 1 diagram showing the supply and demand for pearls on the island before and after the storm. On the same diagram, show the shift of the supply or demand curve to the proper location. c. Use your diagram and principles of supply and demand to explain your estimated price for pearls on the last day of your vacation.Multiple choice questions1. The scarcity of resources problem necessarily requires(A) Government to create employment opportunity(B) People to reduce their living standards(C) People to make choices(D) None of the above2. Holding everything else constant, an improvement in technology affecting the manufactureof a particular good·will ... . [2](A) Shift the supply curve to the left.(B) Shift the supply curve to the right(C) Shift both the demand curve and the supply curve to the right(D) Shift both the demand curve and the supply curve to the left 3. If the price elasticity of demand for a good is -2.0, then a 1 Oo/o increase in price wouldresult in a ...(A) 20% increase in the quantity demanded(B) 20% decrease in the quantity demanded(C) 5% decrease in the quantity demanded(D) 5% increase in the quantity demanded4. An externality is(A) The effect of government regulation on market price and output.(B) The amount by which price exceeds marginal cost.(C) A cost or benefit arising from a…Which of the following are examples of positive economics?(please choose all the answers that are correct) Input market supply can be affected differntly under the income or substitution effects of price changes. The law of demand does not hold for all goods. Fewer price controls increases the standard of living Government should invest in public goods The unemployment rate in the United States spiked during the COVID pandemic
- Which of the following best captures the idea of the fundamental economic problem? Choose 1 answer: Choose 1 answer: (Choice A) A Limited wants and limited resources (Choice B) B Infinite resources and limited wants (Choice C) C Limited resources and unlimited wants (Choice D) D Unlimited resources and unlimited wants (Choice E) E Lack of demand for limited resourcesUsing a practical example, explain some of the reasons why the market fails to allocate resources efficientlyIf 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 False
- The table given below reports the value of sales at each stage of production of an economics book.Table 5.1 The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25 Processing of Timber into Paper $7.75 Printing $24.50 Retail Sales of Economics Book $38.00 Refer to Table 5.1. Compute the market price of an economics book. Group of answer choices $38 $7.75 $13.50 $71.50 $24.50Which of these statements does not apply to market economies? Select one: a. Prices influence how much of a good buyers choose to purchase and how much sellers choose to produce. b.Prices guide economic decisions and thereby allocate scarce resources. c.Prices ensure that quantity supplied and quantity demanded are in balance. d.Prices ensure that anyone who wants a product can get it.What condition is NOT required in the definition of a competitive market? Question 1 options: There are many buyers and sellers Firms can freely enter the market Sellers dislike each other because of the strong competition The goods offered by the various sellers are identical (or almost identical)
