An increase in consumers' incomes will have what effect on the equilibrium in the restaurant meals market?
a. Price will increase, and quantity will increase.
b. Price will decrease, and quantity will increase.
c. Price will increase, and quantity will decrease.
d. Price will decrease, and quantity will decrease.
e. Price will increase, and quantity will stay the same.
A
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Buyers of a good will bear the larger part of the tax burden, and sellers will bear a smaller part of the tax burden, when the a. tax is placed on the sellers of the good
b. tax is placed on the buyers of the good. c. supply of the product is more elastic than the demand for the good. d. demand for the product is more elastic than the supply of the good.
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio?
A. 1/3 TV B. 1/6 TV C. 1/12 TV D. 4 TVs