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Clicker Class 5

Clicker Class 5 - D Sellers have larger effective incomes...

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Econ 101 Class 5 Questions 1. Free Trade is controversial because reducing barriers to trade… A. Increases the total value of goods and services produced in each nation. B. Harms buyers and sellers of imported goods. C. Provides many benefits to producers and none to consumers. D. Can leave domestic producers of imported goods worse off than before. ** 2. 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 larger. ** B. The opportunity cost of the slice grows smaller. C. Buyers have smaller effective incomes when the price of pizza rises.
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Unformatted text preview: D. Sellers have larger effective incomes when the price of pizza rises. 3. As the price of a slice of pizza rises, quantity demanded ____ and quantity supplied ______. A. Rises, Rises B. Rises, Falls C. Falls, Rises ** D. Falls, Falls 4. The equilibrium price of pizza in the Chapel Hill market 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. $1.50 B. $2.00 C. $2.50 ** D. $4.00...
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