Which answer ranks the elasticities of supply from highest to lowest?
a. market-day, short-run, long-run
b. short-run, long-run, market-day
c. long-run, short-run, market-day
d. short-run, market-day, long-run
e. long-run, market-day, short-run
C
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The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then
A) the market is in equilibrium. B) there is a shortage and the price of t-shirts will rise. C) there is a shortage and the price of t-shirts will fall. D) there is a surplus and the price of t-shirts will fall. E) there is a surplus and the price of t-shirts will rise.
Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40. How many cups of coffee per day will Jane buy?
A) 1 B) 2 C) 3 D) None