The value of a good
a. depends on many factors, including who uses it and under what circumstances.
b. is determined by the cost of producing it.
c. depends on the labor necessary to supply the good.
d. can be measured objectively by a survey of manufacturers of the good.
A
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Matt pays a $50 a month membership fee at Bruno's Gym. He can exercise at the gym as many times as he wishes
If the membership fee is measured along the vertical axis and the number of times he exercises is measured along the horizontal axis, the graph between his membership fee and the number of times he exercises will A) be a horizontal line. B) be positively sloped. C) be negatively sloped. D) be a vertical line. E) start out positively sloped and then, as Matt loses interest, become negatively sloped.
If the price of sandals is fixed by law below the market-clearing price,
A) a surplus of sandals will result. B) sandal inventories at shoe stores will be smaller. C) sandal sellers will spend more on advertising. D) the quantity of sandals demanded will be greater than the quantity supplied. E) the quantity of sandals demanded will be less than the quantity supplied.