Questions Class 7

Questions Class 7 - B The wealthy in Manhattan have...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 101 Class 7 Questions 1. The video clip depicts a situation where the demand for Hula Hoops increases because … A. The price of a substitute toy increases. B. The cost of plastic decreases. C. Family income increases. D. Kids develop a taste for the Hula Hoop. ** 2. If the price of chicken feed falls, the equilibrium price of chicken will______ and the equilibrium price of beef will _______ A. Fall, Fall ** B. Fall, Rise C. Rise, Fall D. Rise, Rise 3. Wealthy people in Manhattan live in smaller houses than wealthy people in Seattle because… A. The opportunity cost of large houses is higher in Seattle.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: B. The wealthy in Manhattan have different tastes than the wealthy in Seattle. C. The wealthy in Manhattan are not as wealthy as the wealthy in Seattle. D. It is necessary to give up less to live in a large home in Seattle than in Manhattan. ** 4. If the market price of the ticket is $10.00, how much is the group’s consumer surplus? A. $105.00 B. $100.00 C. $90.00 D. $60.00 ** E. $55.00 Potential Consumers Reservation Price Jean $50.00 Jerry $25.00 Pat $15.00 Ari $10.00 Sam $5.00...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online