EC Quiz 2

EC Quiz 2 - Econ 2023-2 9/29/2011 EC Quiz 2 NAME:_ Please...

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Econ 2023-2 9/29/2011 EC Quiz 2 NAME:_________________________________ Please fill in the blank with the letter you believe to be the best answer to the question ___ 1. Frank sell’s Paddy’s Pub, a local bar in Philadelphia, to Dennis, Mac, and Charlie for a price of $35,000. He receives a producer surplus of $10,000. What is the lowest amount that Frank would have been willing to accept for Paddy’s Pub? a. $45,000 b. $35,000 c. $25,000 d. $10,000 ___ 2. Which of the following would be most likely to cause the demand for coffee to increase? a. a decrease in the current price of coffee b. a decrease in the price of coffee beans used to make coffee c. an decrease in the price of cream (a compliment for coffee) d. All of the above ___ 3. Suppose prices for new homes have fallen and sales of new homes have also fallen. We can conclude that a. the law of demand has been violated. b. the demand for new homes has fallen. c.
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EC Quiz 2 - Econ 2023-2 9/29/2011 EC Quiz 2 NAME:_ Please...

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