The arrival of Michael Jordan, Larry Bird, and Magic Johnson in the 1980s increased the popularity of pro basketball. This led to
a. an increase in the supply of professional basketball
b. an increase in the demand for professional basketball
c. a decrease in the supply of professional basketball
d. a decrease in the demand for professional basketball
e. an increase in both the demand for and the supply of professional basketball
B
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The figure above represents the competitive market for slices of key lime pie. If the production is 80 slices per day, the cost of the 80th slice is
A) less than anyone is willing to pay for it. B) more than anyone is willing to pay for it. C) equal to what someone is willing to pay for it. D) indeterminant. E) equal to the deadweight loss from the 80th slice.
If total consumer expenditures (in dollars) for bus transportation were to increase when the price of bus transportation was raised, the demand for bus transportation probably
A) had decreased. B) had increased. C) violated the law of demand. D) was elastic. E) was inelastic.