Suppose that a television studio has two shows, X and Z, and that tickets for viewing the taping of each show is free. The equilibrium price for a ticket to view the taping of show X is $25 and the equilibrium price for a ticket to view the taping of show B is -$20. It is likely that tickets to show ________ will need to be rationed on a first-come-first-served basis, while the producers of show
________ will have a much more difficult time filling the seats in the studio since the equilibrium price for tickets to that show is a __________ dollar amount.
A) Z; X; positive
B) Z; X; negative
C) X; Z; positive
D) X; Z; negative
D
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The U.S. business cycle record, in common with most, has
A) peaks lasting longer than troughs. B) troughs lasting longer than peaks. C) recessions lasting longer than expansions. D) expansions lasting longer than recessions.
Answer the following questions true (T) or false (F)
1. A consumer maximizes her total utility from a bundle of goods when her marginal utility from each good is equal. 2. The economic model of consumer behavior explains how consumers' tastes and preferences are formed. 3. To maximize utility consumers should buy goods and services to the point where the marginal utility of each item consumed is maximized.