Lec 5 Questions

Lec 5 Questions - and quantity supplied ______. A. Rises,...

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Econ 101 Class 5 Questions 1. The quantity demanded of a slice of pepperoni pizza falls as the price of the slice rises because… A. The opportunity cost of the slice grows smaller. B. The opportunity cost of the slice grows larger. ** C. Buyers have smaller effective incomes when the price of pizza rises. D. Sellers have larger effective incomes when the price of pizza rises. 2. As the price of a slice of pizza rises, quantity demanded ____
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Unformatted text preview: and quantity supplied ______. A. Rises, Rises B. Rises, Falls C. Falls, Rises ** D. Falls, Falls 3. In equilibrium, the number of consumers who like pizza but will not get pizza is _____. Demand and Supply of Pizza $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 200 400 600 800 1000 1200 1400 1600 Slices of Pepperoni Pizza Dollars per Slice Demand Supply Equilibrium A. 0 B. 600 C. 1000 ** D. 1600...
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This note was uploaded on 03/02/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.

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