The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If the price of a hamburger decreases from $3 to $2, then the weekly market quantity of hamburgers supplied will
A. decrease from 9 to 5.
B. increase from 5 to 13.
C. decrease from 13 to 5.
D. increase from 5 to 9.
Answer: A
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Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on Alpha and Beta. She buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40 and the marginal utility of Beta is 20. This indicates that:
A. Ellie should make no change in consumption B. Given another dollar, Ellie should buy an additional unit of Beta C. In order to maximize utility, Ellie should buy more of Beta and less of Alpha D. In order to maximize utility, Ellie should buy more of Alpha and less of Beta
Refer to the diagrams. The demand for Firm B's product is:
A. perfectly elastic over all ranges of output.
B. perfectly inelastic over all ranges of output.
C. elastic for prices above $4 and inelastic for prices below $4.
D. inelastic for prices above $4 and elastic for prices below $4.