Mid term Economics
The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is ______________(Enter your response
$312,500 1/2 base*height
Consider the ultimatum game , where an "allocator" is given, say, $50.00 to decide how to divide with a "recipient," who then decides whether to accept or reject the allocation, ultimately determining whether the pair receives the allocation or nothing. What is the optimal play in the ultimatum game? The optimal play in the ultimatum game is for the allocator to propose a division of the money such that the recipient receives $______ and the recipient then accepts the division. (Enter your response as a real number rounded to two decimal places.) When the ultimatum game experiment is carried out, both allocators and recipients act as if fairness _____ important.
0.01 is
The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). Total revenue is ____________ (Enter your response as an integer.)
15*75=$1125 on graph
In your economics class, you scored a 68 on the first quiz, a 89 on the second quiz, and an 67 on the third quiz. Your average quiz grade is ___________(Enter your response rounded to one decimal place.) On the fourth quiz, you scored an 80 Did the fourth quiz raise your average? ___________
74.7 yes
A free market exists A. when the government places few restrictions on how a good or a service can be produced or sold or on how a factor of production can be employed. B. when the government places significant restrictions on how a good or a service can be produced or sold or on how a factor of production can be employed. C. only in fiction. There are no markets or economies which even come close to approaching the status of a free market. D. when the government places absolutely no restrictions on how a good or a service can be produced or sold or on how a factor of production can be employed.
A
A perfectly competitive market is a market that meets the conditions of A. (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market. B. (1) many buyers and sellers, (2) all firms selling differentiated products, and (3) no barriers to new firms entering the market. C. (1) few buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market. D. (1) many buyers and sellers, (2) all firms selling identical products, and (3) significant barriers to new firms entering the market.
A
According to the law of demand, A. there is an inverse relationship between price and quantity demanded. B. when the price of a product falls, quantity demanded will decrease. C. when the price of a product increases, quantity demanded will increase. D. All of the above.
A
How do externalities LOADING... affect markets? If a negative externality in production is present in a market, then A. the private cost of production will be different than the social cost of production. B. the market will achieve economic market will achieve economic efficiency. C. the social cost of production will be equal to the social benefit from consumption. D. the private benefit from consumption will be different than the social benefit from consumption. E. the private cost of production will be equal to the private benefit from consumption.
A
How do property rights affect externalities and market failure? A. Externalities and market failure will result from the difficulty of enforcing property rights from the difficulty of enforcing property rights. B. Externalities and market failure will result from producers having all the property rights. C. Externalities will be positive and market failure will not occur when property rights are divided equally among market participants. D. Externalities will be positive and market failure will not occur when property rights are enforced. E. Externalities and market failure will not occur when property rights are incomplete property rights are incomplete
A
In the diagram to the right, the curve labeled "S" is apparently _____, while the curve labeled "D" is apparently _____. A. nonlinear; linear B. dynamic; static C. linear; nonlinear D. static; dynamic
A
On the diagram to the right, movement along the curve from points A to B to C illustrates A. increasing marginal opportunity costs. B. decreasing marginal opportunity costs. C. constant marginal opportunity costs. D. reflexive marginal opportunity costs.
A
Suppose flowering plants generate a positive externality in consumption. If so, then A. the private market equilibrium results in a quantity that is less than the efficient quantity. B. the private market equilibrium results in a quantity that is greater than the efficient quantity. C. the private market equilibrium results in a quantity that is greaterthan the equilibrium price. D. the private market equilibrium results in a price that is equal to the efficient price. E. the private market equilibrium results in a quantity of zero.
A
The Scottish philosopher Adam Smith argued in 1776 that A. prices would do a better job of coordinating the activities of buyers B. prices would do a better job of coordinating the activities of buyers and sellers than markets could. C. unions would do a better job of coordinating the activities of buyers and sellers than prices could. D. guilds would do a better job of coordinating the activities of buyers and sellers than prices could.
A
When the government imposes price floors or price ceilings, A. some people win, some people lose, and there is a loss of economic efficiency. B. everyone wins, goods and services distribution is more just, and there is an increase in economic efficiency. C. some people win, some people lose, and there is an increase in economic efficiency. D. everyone wins, goods and services distribution is more just, and there is a loss of economic efficiency.
A
On the diagram to the right, a movement from Upper A to Upper CA to C represents a A. change in demand. Your answer is correct. B. movement up the demand curve. C. change in quantity demanded. D. decrease in demand.
A A to C is a side to side change
In the diagram to the right, when demand increases, a shortage develops at the original price. Equilibrium price will rise and equilibrium quantity will rise as a new equilibrium is established.
A is lower than B on supply line
Consumer surplus is the difference between the highest price a consumer is willing to pay and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area A
A is the blue shaded part on the graph
In the diagram to the right, point Upper C indicates an A. efficient result. B. inefficient result. C. unattainable result.
A middle dot on graph
Compare the demand for water with the demand for wine. The demand for water is likely A. equally elastic as the demand for wine B. relatively more inelastic because water is a necessity C. relatively more elastic because water is a necessity D. relatively more inelastic because water is a luxury. E. relatively more elastic because water is a luxury
B
Consider the demand for cigarettes. Suppose the government decreases the price of cigarettes by lowering cigarette taxes. How will this affect the demand for cigarettes over time? If the price of cigarettes decreases, then the quantity of cigarettes demanded will A. increase but this effect will likely become smaller (in absolute value) over time. B. increase and this effect will likely become larger (in absolute value) over time. C. decrease,and this effect will likely become larger (in absolute value) over time. D. likely never change either initially or over time. E. increase and this effect will likely remain constant over time
B
Economists use the word marginal to mean an extra or additional benefit or cost of a decision. An optimal decision occurs when A. marginal benefit is greater than marginal cost. B. marginal benefit equals marginal cost. C. marginal benefit is maximized. D. marginal cost is zero.
B
Macroeconomics is A. the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. B. the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. C. the study of firms as a group with special emphasis on how these firms interact with one another. D. the study of "large" (greater than $100,000) economic transactions in the economy.
B
One of the great benefits of trade is A. that it makes it possible for society to become better off if individuals, firms, and countries specialize in producing goods and services for which they have an absolute advantage. B. that it makes it possible for society to become better off by increasing its consumption. C. that it provides society what it desires most in life even if it does not enhance the means for achieving its goals. D. that it makes it possible for society to become better off by increasing its production but not its consumption.
B
Suppose the price of a complement to LCD televisions rises. What effect will this have on the market equilibrium for LCD TVs? The equilibrium price of LCD TVs will A. decrease and the equilibrium quantity will increase. B. decrease and the equilibrium quantity will decrease C. increase and the equilibrium quantity will decrease. D. increase and the equilibrium quantity will increase E. not change and the equilibrium quantity will not change.
B
The primary difference between product markets and factor markets is that A. product markets are markets for factors of production—labor, capital, natural resources, and entrepreneurial ability, while factor markets are markets for goods and services. B. product markets are markets for goods, while factor markets are markets for factors of production—labor, capital, natural resources, and entrepreneurial ability. C. product markets produce goods for final sale while the output of factor markets is included in the purchase price of the good itself—factors are not sold. D. product markets are generally after factor markets in the distribution chain.
B
What information must economists have to estimate the price elasticity of demand? To estimate the price elasticity of demand, economists need to know A. the market price and quantity sold. B. the demand curve for a product. Your answer is correct. C. the change in price. D. the supply curve for a product. E. total revenue.
B
Which of the following covers the study of topics such as inflation or unemployment? A. Microeconomics B. Macroeconomics C. Both microeconomics and macroeconomics give equal emphasis to these problems. D. None of the above.
B
Producer surplus is the difference between the lowest price a firm would be willing to accept and the price it actually receives. This component of economic surplus is illustrated in the diagram to the right by area B
B Red shaded area on the graph
In the diagram to the right, illustrating a binding price floor at P1, the amount of consumer surplus transferred to producers is represented by area B and the deadweight loss is equal to areas C and E
B the area above or below the dotted line on the graph is the price floor and deadweight is the space were the two line cross
A production possibilities frontier (PPF) is A. a curve showing the generally attainable combinations of two products that may be produced with all planned or potential, yet undeveloped technology. B. a curve that shows the potential productive capabilities of the frontier (defined as the area outside of cities) of a developing economy. C. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. D. a curve that illustrates the demand of two goods for the average consumer.
C
According to the law of demand , there is an inverse relationship between price and quantity demanded. That is, the demand curve for goods and services slopes downward. Why? A. When the price of a good increases, consumers purchase complementary goods that are now relatively less expensive. B. When price increases, quantity demanded increases. C. When the price of a good increases, consumers' purchasing power falls, and they cannot buy as much of the good as they did prior to the price change. D. A and C only.
C
Any model is based on making assumptions because A. we cannot analyze an economic issue unless we reduce its complexity. B. models have to be simplified to be useful. C. both a and b. D. neither a nor b.
C
Are consumers only interested in making themselves as well off as possible in a material sense? Consumers are A. only concerned with their own utility as exemplified by only tipping in restaurants that will be visited again B. also concerned with fairness as exemplified by network externalities. C. also concerned with fairness as exemplified by tipping in restaurants that will never be visited again D. only concerned with their own financial well-being as exemplified by only parting with money when required. E. only concerned with their own utility as exemplified by social influences having no effect on decision-making.
C
Behavioral economists attribute some consumer behavior to the endowment effect. Which of the following is an example of the endowment effect? An example of the endowment effect is A. being willing to will your descendants a vase upon your death that you otherwise could have sold for a substantial price. B. taking into account nonmonetary opportunity costs such as the value of your time. C. being unwilling to sell a car for a price that is greater than the price you would be willing to pay to buy the car if you didn't already own it. D. buying lottery tickets with an expected value that is less than their price. E. being unwilling to sell a house that you already own.
C
Consider firms that introduce new products, such as DVDs in 2001. When firms introduce new products, how do they typically determine the price elasticity of demand for those products? Firms with new products often A. approximate price elasticity of demand with market signals such as shortages B. identify price elasticity of demand by asking for government assistance. C. estimate price elasticity of demand by experimenting with different prices. D. guess price elasticity of demand based on market competition. E. identify price elasticity of demand by using price controls to set price ceilings
C
How is the price elasticity of demand measured? The price elasticity of demand is measured as A. the percentage change in the quantity demanded divided by the percentage change in the quantity supplied B. the slope of the demand curve. C. the percentage change in the quantity demanded divided by the percentage change in price. D. the change in price divided by the change in the quantity demanded E. the quantity demanded divided by price
C
Microeconomics is the study of A. "small" (less than $100,000) economic transactions in the economy. B. the economy as a whole, including topics such as inflation, unemployment, and economic growth. C. how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. D. firms as individual units excluding how these firms interact with one another.
C
Opportunity cost is A. the idea that because of scarcity, producing more of one good or service means producing less of another good or service. B. when consumers and firms use all available information as they act to achieve their goals. C. the highest valued alternative that must be given up to engage in an activity. D. when unlimited wants exceed the limited resources available to fulfill those wants.
C
Suppose a consumer is trying to decide how much to spend on housing and how much to spend on all other (non-housing) consumption. The economic model of consumer behavior predicts that the consumer will A. consume as much housing as she can afford without any non-housing consumption. B. consume any combination of housing and non-housing consumption from among the combinations of housing and non-housing items she can afford. C. choose the combination of housing and non-housing consumption that makes her as well off as possible from among the combinations of housing and non-housing items she can afford. Your answer is correct. D. consume as much housing and as much non-housing consumption as she wants. E. consume an infinite amount of housing and non-housing consumption.
C
The production possibilities frontiers depicted in the diagram to the right illustrate A. technological advances in the tank industry. B. both the labor force and capital stock decreasing. C. both the labor force and capital stock increasing. D. the likely result of a ground war.
C
How should sunk costs be used in consumer decision-making? In consumer decision-making, sunk costs should A. be treated as opportunity costs. B. be included in the budget constraint. C. be ignored. D. be treated as nonmonetary costs. E. be treated as monetary costs. Suppose you bought a ticket to a baseball game. The ticket is nonrefundable (and can't be resold) and must be used on Saturday. Then, a friend calls and invites you to a basketball game on Saturday. You only have time to attend one of the events, and your friend offers to pay the cost of going to the basketball game. If you prefer basketball games over baseball games, then you should attend the _______________________
C basketball game .
According to the law of supply, A. there is a positive relationship between price and quantity supplied. B. as the price of a product increases, firms will supply less of it to the market. C. as the price of a product increases, firms will supply more of it to the market. D. A and C only
D
Compare the demand for pepper with demand for clothes The demand for pepper is likely A. more elastic because pepper tends to be purchased in larger quantities. B. more elastic because pepper tends to represent a smaller fraction of a consumer's budget. C. more elastic because pepper tends to represent a larger fraction of a consumer's budget. D. more inelastic because pepper tends to represent a smaller fraction of a consumer's budget. Your answer is correct. E. more inelastic because pepper tends to be purchased more frequently.
D
Consider the following statement: "An increase in supply decreases the equilibrium price. The decrease in price increases demand." The statement is A. false: increases in supply decrease price. B. false: increases in supply increase price. Decreases in price increase demand. C. true: increases in supply decrease price. Decreases in price increase demand. D. false: decreases in price affect the quantity demanded, not demand.
D
Economic efficiency is A. a market outcome in which the marginal benefit to consumers of the last unit produced is greater than its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum. B. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is not at a maximum. C. a government outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum. D. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum.
D
Economics is a social science because A. it applies the scientific method to the study of the interactions among individuals. B. it considers human behavior—particularly decision-making behavior. C. it is based on studying the actions of individuals. D. all of the above.
D
How do externalities LOADING... in the production of college educations result in market failure Because of externalities, the market for college educations will A. generate too much economic surplus. B. provide too many college educations. C. result in a price for college educations that is inefficiently low. D. provide insufficient college educations. E. result in a shortage of college educations.
D
If country ABC can produce a unit of good 1 with fewer resources with fewer resources than can country XYZ, it is correct to say that country ABC A. will not wish to trade good 1 with country XYZ. B. has a comparative advantage in producing good 1. C. will export good 1. D. has an absolute advantage in producing good 1.
D
Property rights are A. the rights individuals or firms have to the exclusive use of their property within individual culturally defined norms which are inconsistent in each area of the United States. B. the rights individuals or firms have to the exclusive use of their property, excluding the right to buy or sell it. C. the rights government has to the exclusive use of all property, including the right to buy or sell it. D. the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
D
Suppose Wendy's hamburgers have many close substitutes available. If so, then an increase in the price of Wendy's hamburgers will likely A. decrease the quantity of Wendy's hamburgers demanded by a relatively small amount. B. increase the quantity of Wendy's hamburgers demanded by a relatively large amount. C. increase the quantity of Wendy's hamburgers demanded by a relatively small amount. D. decrease the quantity of Wendy's hamburgers demanded by a relatively large amount. E. not change the quantity of Wendy's hamburgers demanded.
D
The primary difference between absolute and comparative advantage is A. absolute advantage can never change while comparative advantage depends on the relative cost of a good's resources. B. absolute advantage refers to the ability to produce a good or service at a lower opportunity cost and comparative advantage refers to the ability to produce more of a good or service using the same amount of resources. C. absolute advantage is a concept that was utilized in communist countries and comparative advantage is a capitalist idea. D. absolute advantage refers to the ability to produce more of a good or service using the same amount of resources and comparative advantage refers to the ability to produce a good or service at a lower opportunity cost.
D
What effect does a network externality have on the market for a product? If a network externality is present for a product, then A. producers may be less likely to supply the product because it is less unique. B. producers may be more likely to supply the product to avoid market failure. C. producers may be less likely to supply the product to avoid switching costs. D. consumers may be more likely to buy the product because it is more useful. Your answer is correct. E. producers may be more likely to supply the product to create path dependence.
D
What explanation might an economist provide why some people overeat when such behavior can lead to health consequences? Some people likely overeat because A. they accurately estimate the utility from current choices B. they overvalue the utility to be received in the future from being thin C. they overestimate the future costs of current choices D. their preferences are not consistent over time E. they undervalue the utility from current choices.
D
When the federal government crafts environmental policies that make it less expensive for firms to follow green initiatives, A. the policies are futile because where the environment is concerned, it has been repeatedly shown that firms do not respond to economic incentives. B. pollution is likely to increase. C. the policies are likely to be more successful than policies that cost firms more, but they do not recognize economic incentives. D. the policies are consistent with economic incentives.
D
"Rent controls, government farm programs, and other price ceilings and price floors are bad." This is an example of a A. normative statement. The statement is concerned with what is. B. positive statement. The statement is concerned with what should be. C. positive statement. The statement is concerned with what is. D. normative statement. The statement is concerned with what should be.
D
Trade-offs force society to make choices, particularly when answering the following three fundamental questions: A. One, what goods and services will be produced in foreign countries? Two, who will produce the goods and services? Three, who will receive the goods and services produced? B. One, what goods and services will be produced domestically? Two, how will the goods and services be produced? Three, is the distribution of goods and services fair? C. One, what goods and services will be produced? Two, how will the goods and services be produced? Three, is the distribution of goods and services fair? D. One, what goods and services will be produced? Two, how will the goods and services be produced? Three, who will receive the goods and services produced?
D
Which of the following would cause a shift in the demand curve from point A to point B? A. An increase in income (normal good). B. An increase in the price of a substitute good. C. A decrease in income (inferior good). D. All of the above.
D A to B lines on a graph dots aligned across graph
Suppose you have a monthly entertainment budget that you use to rent movies and purchase CDs. You currently use your income to rent 5 movies per month at a cost of $5.00 per movie and to purchase 5 CDs per month at a cost of $10.00 per CD. Your marginal utility LOADING... from the fifth movie is 4040 and your marginal utility from the fifth CD is 7676. Are you maximizing utility? You are A. maximizing utility because you are consuming an equal number of movies and CDs. B. not maximizing utility because the price of movies is not equal to the price of CDs. C. maximizing utility because you are spending all of your entertainment budget. D. not maximizing utility because the marginal utility per dollar spent on movies is not equal to the marginal utility per dollar spent on CDs. E. not maximizing utility because the marginal utility of movies is not equal to the marginal utility of CDs. What could you do to increase utility? You could increase utility by consuming more movies and fewer ________ .
D CDS
The diagram in panel aa is an example of A. a supply curve. B. the income effect. C. the substitution effect. D. a supply schedule.
D Chart with price and quantities
Deadweight loss is the reduction in economic surplus resulting from a market not being in competitive equilibrium. In the diagram to the right, deadweight loss is equal to the area(s): A. A, B, & C. B. B & D. C. A. D. C & E.
D pink shaded area in the middle of the two lines
The diagram to the right represents a demand curve for apples. The original demand curve is D1. If a factor other than price which affects demand changes, causing demand to _____________, the resultant demand curve is represented by Upper ____________
Decrease D3
Consider a form of public consumption such as wearing jewelry. An individual's demand for jewelry depends on A. the cost of the jewelry B. the individual's tastes and preferences. C. other consumers' consumption of jewelry D. both a and b. E. all of the above.
E
What affects the desirability of a product? Products become more desirable when A. professional athletes use a product because consumers who use the same product may feel closer to famous people. B. celebrities use a product because consumers who use the same product may feel more fashionable. C. movie stars use a product because consumers perceive them to be particularly knowledgeable about it. D. both a and b. E. all of the above.
E
What role does utility LOADING... play in the economic model of consumer behavior? When modeling consumer behavior, utility A. provides an objective measure of satisfaction from consuming a particular set of goods and services in units called "utils." B. identifies the combination of goods and services that is most expensive. C. identifies the combination of goods and services that can be produced most efficiently. D. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services. E. reflects the enjoyment a consumer receives from consuming a particular set of goods and services.
E
Which of the following is not an example of an externality An externality is not created by A. generating electricity. B. conducting medical research. C. producing college educations. D. producing honey with bees. E. consuming a Big Mac
E
Suppose ham is a normal good. How will consumers adjust their buying decisions if the price of ham changes? If the price of ham increases, then consumers will demand A. less ham due to the income effect because the opportunity cost of consuming ham is higher and less ham due to the substitution effect because their purchasing power decreases. B. more ham due to the income effect because their purchasing power increases and less ham due to the substitution effect because the opportunity cost of consuming ham is higher. C. more ham due to the income effect because their purchasing power decreases and less ham due to the substitution effect because the opportunity cost of consuming ham is higher. D. more ham due to the income effect because the opportunity cost of consuming ham is lower and less ham due to the substitution effect because their purchasing power decreases. E. less ham due to the income effect because their purchasing power decreases and less ham due to the substitution effect because the opportunity cost of consuming ham is higher. Instead, suppose ham is an inferior good. If the price of ham increases, then consumers will demand ___________ ham due to the income effect and ________ ham due to the substitution effect.
E More Less
is the study of the choices people make to attain their goals, given their scarce resources.
Economics
In fall 2006, Pace University in New York raised its annual tuition from $24 comma 80024,800 to $29 comma 75029,750. Freshman enrollment declined from 1 comma 5001,500 in fall 2005 to 1 comma 1501,150 in fall 2006. Assuming that the demand curve for places in the freshmen class at Pace did not shift between 2005 and 2006, use this information to calculate the price elasticity of demand LOADING... . Use the midpoint formula in your calculation.
Find answer
The figure to the right illustrates the demand for taxi rides in a large city. Suppose the price per ride is initially $5050 but then falls to $55 due to a recession. What is the price elasticity of demand for taxi rides?
Find how to do
Suppose a local bank increases the fees they charge for their bank accounts by 55 percent. In response, the demand for their bank accounts decreases from 15 comma 00015,000 to 5 comma 0005,000. What is price elasticity of demand for this bank's accounts?
Find solution
_______________is concerned with what is, and _____________ is concerned with what ought to be. Economics is about _____________________, which measures the costs and benefits of different courses of action.
Positive analysis; normative analysis; positive analysis
_____________ occurs when a good or service is produced at the lowest possible cost. _____________occurs when production is in accordance with consumer preferences.
Productive efficiency; Allocative efficiency
In the diagram to the right, when supply increases, a surplus develops at the original price. Equilibrium price will fall and equilibrium quantity will rise as a new equilibrium is established.
Two different supply lines on graph
In recent years, some economists have begun studying situations in which people do not appear to be making choices that are economically rational. This new area of economics is called ______________ Why might consumers not act rationally? Consumers might A. be overly accurate about their future behavior B. only take actions that are appropriate to reach their goals. C. fail to ignore sunk costs D. don't take into account monetary costs. E. take into account nonmonetary opportunity costs. The most obvious reason why consumers might not act rationally would be that they do not realize that their actions are inconsistent with their goals. For example, consumers commonly commit the following three mistakes when making decisions: 1. They take into account monetary costs but ignore nonmonetary opportunity costs. 2. They fail to ignore sunk costs. 3. They are overly optimistic about their future behavior.
behavioral economics . C
The figure to the right illustrates the U.S. market for rugs made in a particular foreign country. Suppose the market price of rugs is 2,000. At a price of $2,000, there will be a surplus of rugs. To reach an equilibrium, the price of rugs in this market must fall .
black line across graph at $2000 has to lower to get to equilibrium
A(n) _____________ is someone who operates a business, bringing together the factors of production —labor, capital, and natural resources to produce goods and services.
entrepreneur
Two key groups participate in markets. A __________consists of all the individuals in a home. Firms ______________ of goods and services. We can use a simple economic model called ____________ to see how participants in markets are linked.
household are suppliers the circular-flow diagram
In the United States, who receives the goods and services produced depends largely on ___________________
how income is distributed
A price ceiling is a legally determined __________ price that sellers may charge. A price floor is a legally determined ___________ price that sellers may receive.
maximum minimum
A ___________economy is an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
mixed
Marginal unit
portion off the total unit such as 36 36 24 12 6 3
