Labor Hours Needed to Make 1 Pound of Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pounds Produced in 24 Hours Pork Tomatoes Pork Tomatoes Farmer 6 3 4 8 Rancher 4 4 6 6
The opportunity cost of 1 pound of pork for the rancher is...
A. 1.5 pounds of tomatoes.
B. 1.5 hours of labor.
C. 1 hour of labor.
D. 1 pound of tomatoes.
Price Firm X's Quantity Supplied
Firm Y's Quantity Supplied Firm Z's Quantity Supplied $0 0 0 0 $3 2 4 6 $6 4 8 12 $9 6 12 18 $12 8 16 24 $15 10 20 30
If these are the only three sellers in the market, then an increase in the market price from $6 to $12 will increase quantity supplied by...
A. 36 units
B. 24 units
C. 12 units
D. 48 units
3. When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change...
A. True
B. False
| Labor Hours Needed to Make 1 Pound of | Labor Hours Needed to Make 1 Pound of | Pounds Produced in 24 Hours | Pounds Produced in 24 Hours | |
| Pork | Tomatoes | Pork | Tomatoes | |
| Farmer | 6 | 3 | 4 | 8 |
| Rancher | 4 | 4 | 6 | 6 |
The opportunity cost of 1 pound of pork for the rancher is...
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If these are the only three sellers in the market, then an increase in the market price from $6 to $12 will increase quantity supplied by... A. 36 units B. 24 units C. 12 units D. 48 units 3. When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change... A. True B. False |
Related textbook solutions
Related questions
The following table contains the demand schedule and supply schedule for a market for a particular good. Suppose sellers of the good successfully lobby Congress to impose a price floor $3 above the equilibrium price in this market.
| Price | Quantity Demanded | Quantity Supplied |
| $0 | 15 | 0 |
| $1 | 13 | 3 |
| $2 | 11 | 6 |
| $3 | 9 | 9 |
| $4 | 7 | 12 |
| $5 | 5 | 15 |
| $6 | 3 | 18 |
Following the imposition of a price floor $3 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $1 below the former price floor. The resulting market price is
