ECON 2010 FINAL

If both the demand and supply curves for peanut

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Unformatted text preview: ) False alternative version of this question is instead of branding is using a microchip 33. If both the demand and supply curves for peanut butter ($ on the vertical axis) shift left A) Equilibrium price will fall but we cannot say what will happen to equilibrium quantity B) Equilibrium quantity will fall but we cannot say what will happen to equilibrium price C) Equilibrium price will rise but we cannot say what will happen to equilibrium quantity D) Equilibrium quantity will rise but we cannot say what will happen to equilibrium price Version 1 Page 7 34. Public goods should be produced up to the point at which the marginal cost of production equals: A) the highest marginal benefit from any individual consumer of the good. B) the maximum price any individual is willing to pay for that unit. C) the sum of the individual marginal benefits from all consumers of that unit. D) zero, which is the marginal cost of allowing another individual to consume the good. 35. Texas executes a lot of inmates. According to an article in "The Onion,&q...
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