Consider the hypothetical supply and demand of Kidneys.Suppose Kidneys cannot be sold, only donated (price is zero). How many kidneys are donated in this hypothetical situation?
A. 2000
B. 900
C. 0
D. 1200
Answer: B
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For a nation to have ________ in producing a good it must have a lower opportunity cost of producing that good than the other country
A) a comparative advantage B) an autarky advantage C) an absolute advantage D) both a comparative advantage and an absolute advantage
The above figure shows the apartment rental market in Bigtown. If severe flooding resulted in the destruction of many of the city's apartment buildings, then the
A) supply curve of apartments would shift leftward and rent would rise above $750.00. B) demand curve for apartments would shift rightward and rent would rise above $750.00. C) equilibrium quantity of apartments rented would increase beyond 3,000. D) equilibrium market price of apartments rented would fall below $750.00.