Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 3, Problem 7CQ
To determine
The market price of a good.
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Chapter 3 Solutions
Macroeconomics: Private and Public Choice (MindTap Course List)
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- Answer the given question with a proper explanation and step-by-step solution. Which of the following choices correctly illustrates how changes in opportunity costs affect supply? A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises. B) A fisherman fishes for lobsters and oysters. The price of lobsters rises, so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters. C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook. D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.arrow_forwardMarx writes that, in order to understand surplus-value, we have to divide the workday into two parts. Why is that?arrow_forwardHow to solve Market Equilibrium?arrow_forward
- Economics is a social science which deals with human behavior as a relationship between ________. a. unlimited buyers and limited sellers b. consumption and production c. unlimited wants and scarce resources d. unending wants and limited peoplearrow_forwardWhen a market is in equilibrium, the economic problem has been solved. Comment on the truth or falsity of the statement.arrow_forwardWhy an equilibrium is defined as a price?arrow_forward
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