If Billy's reservation price on a snowboard is $250, how many snowboards would he buy if the market price of snowboards is $500?

A. 0
B. 1
C. 2
D. The amount of snowboards purchased would depend on Billy's income.

A. 0

Economics

You might also like to view...

In order to measure gross domestic product, we can follow

A) three approaches: the expenditure approach, the income approach, and the production approach. B) only one approach: the circular flow approach. C) two approaches: the expenditure approach and the income approach. D) only one approach: the national accounts approach. E) three approaches: the expenditure approach, the income approach, and the market-based approach.

Economics

Other things equal, when U.S. money moves to other countries to take advantage of better foreign investment opportunities, then:

a. the U.S. money supply will increase. b. the reserve requirement for U.S. banks will rise. c. the U.S. money supply will decrease. d. U.S. banks will have excess reserves to loan out. e. the effect of the U.S. deposit expansion multiplier will be increased.

Economics