Refer to the budget line shown in the diagram. If the consumer's money income is $20, which of the following combinations of goods is unattainable?
A. 4 units of C and 6 units of D.
B. 5 units of C and no units of D.
C. 1 unit of C and 8 units of D.
D. 2 units of C and 6 units of D.
A. 4 units of C and 6 units of D.
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Using Scenario 2 suppose Susan has eliminated two of the answers but is unsure of which of the remaining three answers are correct. Determine whether it is rational for Bill to guess
What will be an ideal response?
The equilibrium quantity of Smids would be found by
a. choosing a quantity that generated the highest market price b. setting price equal to the revenue target desired by firms c. solving for the price that generates the maximum revenue for sellers d. choosing the quantity desired by consumers and working backward to solve for theprice associated with that quantity e. determining the price and quantity where the demand and supply curves intersect