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1. Suppose that there are only two goods: x and y. Which of the following is NOT correct?
2. A change in which of the following will NOT cause a shift in the demand curve for hamburgers?
3. The ability for firms to enter and exit a market over time means that
4. When a good is taxed, the tax burden falls mainly on the consumer if
5. Elsa values her time at $50 per hour, and tutors David for two hours. David is willing to pay $175 for two hours of tutoring, but they negotiate a price of $125 for the entire two hours. Which of the following statements is true about the transaction above:
6. An externality