A state of equilibrium is where opposing market forces are the same. The equilibrium price for a good is the price at which the demand and supply curve meet meaning that there is no surplus and every good produced is sold. Test yourself on equilibrium price and quantity by taking the quiz below.
Maddie considers these goods to be perfect substitutes with one another.
Maddie considers these goods to be perfect compliments to one another.
The marginal rate of substitution between these goods is -1/2x per y.
A utility function for for Maddie is U=2x+y
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True
False
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True
False
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Buck can consume at most 5 x or 6 y per week.
It is possible for Buck to consume 3 x and 2.4 y every week.
The marginal rate of transformation between these two goods is -6/5 x per y.
A and B are correct
B and C are correct
None are correct
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The size of Bill's substitution effect was larger in magnitude than the size of his income effect.
The size of Bill's income effect was larger in magnitude than the size of his substitution effect.
To Bill gadgets are a giffin good.
A and c are correct
B and c are correct
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Price = 44; Quantity = 352
No equilibrium. Demand less than 0.
Price = 30.67; Quantity = 145.36
Price = 44; Quantity = 252
When Randy has 10c and 2.5p, his utility is 5.
The marginal rate of substitution for these goods is -p/c.
If the marginal rate of transformation of these goods is -2p per c, he would consume more cola than peanuts in order to maximize his utility.
All the above are true
A and B are correct
B and C are correct
None of the above are correct
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If marginal rate of transformation is -1, then she would want to consume 1.5 salads for each cheeseburger she consumes.
If the marginal rate of transformation is -1 and the utility she obtains from the last dollar she spends on cheeseburgers is smaller than the utility she obtains from spending her last dollar on salads, she should decrease her consumption of cheeseburgers.
If the marginal rate of transformation is -3/2, she should consume an equal number of cheeseburgers and salads to maximize utility.
All the above are correct
A and B are correct
A and C are correct
None of the above are correct
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If Ben's utility function is U=(mc)^1/2, then he would consume equal amounts of cookies and milk at his utility maximizing bundle.
Every time Ben buys a unit of cookies he loses a unit of milk
If Ben chooses a bundle of cookies and milk such that the marginal rate of substitution of milk is more than the marginal rate of transformation of milk, he should readjust and buy more cookies.
All the above are correct
A and b are correct
B and c are correct
A and c are correct
None of the above are correct
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Suppliers do because the elasticity of supply is larger in magnitude than consumers' elasticity of demand.
Suppliers do because the elasticity of supply is smaller in magnitude than consumers elasticity of demand.
Consumers do because the elasticity of demand is larger in magnitude than suppliers elasticity of supply.
Consumers do because the elasticity of demand is smaller in magnitude than suppliers elasticity of supply.
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At the utility maximizing combination of x and y, she will consume more units of y than x.
If she consumes 2x and 4y, she would find that the marginal rate of substitution at this bundle to be too small relative the marginal rate of transformation she faces.
Helena will always spend half her income on x and half on y
All the above are correct
A and b are correct
B and c are correct
A and c are correct
None of the above are correct
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The income of consumers rose in this market, which is a normal good.
The income of consumers rose in this market, which is an inferior good.
A shortage would occur before the market found a new equilibrium
An increase in the quantity demanded would occur in order to alleviate the shortage
A, C, and D are correct
B, C, and D are correct
A and C are corrct
B and C are correct
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